Search

PEOPLE
FINANCIAL SERVICES | Staff Reporter, Singapore
Published: 10 Jun 11
966 views


Temasek CEO’s departure possible by August

Under Ho’s leadership, Temasek’s assets climbed 43% to $186 bn in 2010, according to a report from the Financial Times.

Ho Ching, chief investment officer of Temasek Holdings , the Singapore state-owned investment company, will likely step down in August, the Financial Times said, citing people familiar with the matter.

Ho’s departure is expected a month after Temasek releases its annual review for the year ended March, when it’s expected to post investment gains, the newspaper said today. That would allow Ho to leave on a “high note” after eight years, it reported. Jeffrey Fang, a spokesman for Temasek, declined to comment on the report.


“If there’s any leadership transition, they will know how to manage it in a way that there will not be too much disruption,” said Ng Soo Nam, the Singapore-based chief investment officer at Nikko Asset Management Co., which oversees about US$126 billion ($155 billion). “Temasek is more than just Ho Ching. In the past, where they had leadership transition, they had always executed smoothly.”


Ho, 58, led Temasek in its record gain in the value of its holdings in the year ended March 2010 following bets on Asian investments. Temasek’s assets climbed 43% to $186 billion (in that year, surpassing the previous peak of $185 billion reached two years earlier, the company said in its annual report in July last year. That offset the previous year’s $55 billion plunge, when it posted losses on bank stakes during the financial crisis.


Ho’s possible departure in August will come about two years after she had first planned to step down. Ho is the wife of Singapore Prime Minister Lee Hsien Loong.

CHIP GOODYEAR
In July 2009, Temasek reversed its appointment to replace Ho with Charles “Chip” Goodyear, the former head of BHP Billiton, citing “differences regarding certain strategic issues.” BHP Billiton is the world’s largest mining company.


“When they had Goodyear in, and it didn’t work out, they smoothed it out as well,” Ng said. “They will manage things very carefully. I am quite confident; that has been the track record.”


Temasek has had an annual return of 17% since its inception in 1974, according to the report last year.
In the year ended March 2010, Temasek made $10 billion in investments. It spent more than $3 billion in the financial year buying additional shares of companies such as Jakarta-based PT Bank Danamon Indonesia and Singapore’s Neptune Orient Lines Temasek’s participation in rights offerings by companies in its portfolio bolstered its assets as the shares advanced.


PAST LOSSES
The company sold its stakes in Charlotte, North Carolina- based Bank of America Corp. and London-based Barclays Plc at losses in the previous year.


Prime Minister Lee was named in May chairman of Government of Singapore Investment Corp., the city’s sovereign wealth fund that manages more than $100 billion of the island’s assets, succeeding his father Lee Kuan Yew. The elder Lee remains as senior adviser, the fund said.

 



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Temasek, Ho Ching

CO-WRITTEN ARTICLES & SPONSOR CONTENT ››

The leading Philippine residential developer unveils its most upscale township yet.
145 views

Find out what it has impressively accomplished.
329 views

LATEST FINANCIAL SERVICES JOBS »
PRINT ISSUE »

Subscribe Now
Trains, planes, automobiles and drones

159 views

As goes Hong Kong, so goes Singapore?

1416 views

Office property shows no signs of a slowdown

393 views

MOST READ EXCLUSIVES

Singapore’s 20 most influential 40 and under lawyers

Singapore’s 20 most influential 40 and under lawyers

Check out who made our cut.

by KRISANA GALLEZO
15 Aug 2014 | 165945 views
 

13 most exclusive credit cards in Singapore

13 most exclusive credit cards in Singapore

Some of which you’ve probably not heard of.

by KRISANA GALLEZO
27 Aug 2014 | 92606 views

11 craziest credit card purchases in Singapore

11 craziest credit card purchases in Singapore

Find out if each is worth the outlay.

by KRISANA GALLEZO
22 Sep 2014 | 39036 views
 

Singapore’s 7 hot new restaurants in September

Singapore’s 7 hot new restaurants in September

Have you checked out a very secretive cafe at 48 ¾ Niven Road?

by KRISANA GALLEZO
6 Oct 2014 | 21970 views

Singapore's 8 hot new restaurants in July

Singapore\'s 8 hot new restaurants in July

More Singapore openings from famous restaurants in Asia.

by KRISANA GALLEZO
4 Aug 2014 | 21391 views
 

20 most preferred hotels of Singapore travelers in Asia

20 most preferred hotels of Singapore travelers in Asia

Hotels in Thailand dominate the list.

by KRISANA GALLEZO
12 Aug 2014 | 20838 views

Singapore’s 8 hotels coming your way next year

Singapore’s 8 hotels coming your way next year

A total of 3,458 hotel rooms will soon be available.

by KRISANA GALLEZO
8 Sep 2014 | 19439 views
 

Singapore’s 8 hot new restaurants in August

Singapore’s 8 hot new restaurants in August

Get a taste of an aromatic broken rice dish without MSG.

by KRISANA GALLEZO
4 Sep 2014 | 11246 views

Have you been to The Providore Warehouse yet?

Have you been to The Providore Warehouse yet?

Check out some photos inside.

by KRISANA GALLEZO
1 Sep 2014 | 10291 views
 

Check out General Motors’ new HQ in Singapore

Check out General Motors’ new HQ in Singapore

A ‘hot desks’ rule is implemented in the new office.

by KRISANA GALLEZO
3 Oct 2014 | 9951 views

Awesome workplace at 501: How's having a meeting while cuddling a teddy bear?

Awesome workplace at 501: How\'s having a meeting while cuddling a teddy bear?

Also check artistically designed in-house locations for video shoots.

by KRISANA GALLEZO
6 Aug 2014 | 9805 views
 

Have spare time before boarding? Dine in at Old Chang Kee’s first Changi Airport outlet

Have spare time before boarding? Dine in at Old Chang Kee’s first Changi Airport outlet

The new outlet’s construction cost more than half a million dollars.

by KRISANA GALLEZO
11 Sep 2014 | 5408 views

5 craziest things you can't imagine founders would do to make their startup successful

5 craziest things you can\'t imagine founders would do to make their startup successful

Will you jump out of the plane flying at over 15K ft  just to catch a potential client?

by KRISANA GALLEZO
3 Sep 2014 | 5205 views
 

Three best buddies in their 30s set up 6 Prawns and a Beer

Three best buddies in their 30s set up 6 Prawns and a Beer

Here’s a new food hub at Bukit Timah to enjoy a well-loved seafood with beer.

by KRISANA GALLEZO
12 Aug 2014 | 4366 views

The wait is over: Japanese restaurant chain ON-YASAI finally hits Singapore

The wait is over: Japanese restaurant chain ON-YASAI finally hits Singapore

10 to 15 more outlets coming over the next 5 years.

by KRISANA GALLEZO
28 Aug 2014 | 4308 views
 

Get ready to work and play at Spotify’s regional office

Get ready to work and play at Spotify’s regional office

All the furniture except the bean bags were imported from Sweden.

by KRISANA GALLEZO
23 Sep 2014 | 4280 views

Opera Estate welcomes a little bar simply called ‘Slake’

Opera Estate welcomes a little bar simply called ‘Slake’

It wants to be your living/dining room outside of home.

by KRISANA GALLEZO
25 Sep 2014 | 3606 views
 

These NUS students boldly suggest removal of Malaysian Airlines' CEO to survive

These NUS students boldly suggest removal of Malaysian Airlines\' CEO to survive

That's just one part of the strategy.

by KRISANA GALLEZO
16 Sep 2014 | 2969 views

No boys allowed: Here’s a coworking space designed for women only

No boys allowed: Here’s a coworking space designed for women only

The office space can be transformed to a large event venue for social nights.

by KRISANA GALLEZO
14 Aug 2014 | 2962 views
 

Haji Lane welcomes a hippy motorcycle cafe

Haji Lane welcomes a hippy motorcycle cafe

It serves all-day brunches with motorcycle merchandise up for grabs.

by KRISANA GALLEZO
28 Jul 2014 | 2473 views

Will you take up the challenge to live on $5 a day and share the experience?

Will you take up the challenge to live on $5 a day and share the experience?

This campaign already generated over 8,000 followers on Facebook.

by KRISANA GALLEZO
23 Sep 2014 | 2464 views
 

Could this be the most intelligent phonebook app yet?

Could this be the most intelligent phonebook app yet?

It’s self-updating and removes duplicates for worry-free contacts storage.

by KRISANA GALLEZO
29 Sep 2014 | 2446 views

Arete Culture opens first store in Lam Soon Building

Arete Culture opens first store in Lam Soon Building

It's a one-stop shop for your quirky interior decors.

by KRISANA GALLEZO
24 Sep 2014 | 2425 views
 

Worry about your loved ones’ whereabouts no more

Worry about your loved ones’ whereabouts no more

Folr introduces a real-time geo-location tracking mobile app that also details where they were.

by KRISANA GALLEZO
5 Sep 2014 | 2424 views

Have money but don’t know what to do? Call DrWealth

Have money but don’t know what to do? Call DrWealth

It creates Asia’s first online financial planning platform for the masses.

by KRISANA GALLEZO
12 Aug 2014 | 2386 views
 

Orchard Gateway welcomes the second outlet of Outback Steakhouse

Orchard Gateway welcomes the second outlet of Outback Steakhouse

The store construction costs US$1.5million.

by KRISANA GALLEZO
21 Aug 2014 | 1864 views

Noël Caleb Concept Store opens September 29

Noël Caleb Concept Store opens September 29

It targets women wanting to wear designs not found anywhere in the world.

by KRISANA GALLEZO
10 Sep 2014 | 1725 views
 

Check out the colorful AkzoNobel House designed through Dulux and automotive paints

Check out the colorful AkzoNobel House designed through Dulux and automotive paints

Its color and vibrance is inspired by ‘architecturally interesting’ Arab Street.

by KRISANA GALLEZO
28 Aug 2014 | 1403 views

23-year-old designs aircraft seat on actual 3D scanning data of human body

23-year-old designs aircraft seat on actual 3D scanning data of human body

Economy class will never be the same again.

by KRISANA GALLEZO
28 Jul 2014 | 1146 views
 

Take a sneak peek at Manchester Business School's new Singapore centre

Take a sneak peek at Manchester Business School\'s new Singapore centre

Check out its fabulous interior design with touch of purple.

by KRISANA GALLEZO
30 Jul 2014 | 1119 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter