GIC is separately going through a leadership change in its external manager department, which oversees the sovereign wealth fund’s allocations to hedge funds around the world. Long-time head Betty Tay plans to retire from the role and will eventually be replaced by Kwong Hong Huat, who previously led its Asian total returns public equities team.
(Feb 14): Singapore’s sovereign wealth fund GIC Pte Ltd has pulled cash from Jain Global, roughly 18 months after backing one of the biggest start-ups in hedge fund history.
GIC has redeemed US$250 million ($315.9 million) from New York-based Jain, according to people with knowledge of the matter. The wealth fund was one of the earliest backers of Jain. It will take as much as two years for it to fully redeem from the fund, the people said, asking not to be identified because the details are private.
