THE Government of Singapore Investment Corporation (GIC) is integrating its management structure to better tackle the challenges of the fast-changing economic and financial environment.

GIC is one of two bodies that oversee the investment of Singapore's national wealth. The other is Temasek Holdings.

One key change: Mr Lim Siong Guan, 62, will take on the newly created role of GIC group president, overseeing all three GIC investment units: GIC Real Estate (GIC RE), GIC Asset Management (GAM) and GIC Special Investments (GIC SI).

The three invest in: real estate, financial markets, and private equity and infrastructure investments respectively.

Mr Lim is currently GIC group managing director. He steps down as Economic Development Board chairman on June 30.

In other key changes that take effect on July 1, Dr Richard Hu and Mr Lee Ek Tieng will retire as chairman of GIC RE and chairman of GAM respectively.

Both Dr Hu, 82 and Mr Lee, 75, will, however, remain at GIC as advisers to its group executive committee.

But even as these two pioneers of Singapore's economic development retire from these posts, the positions will be filled internally with existing board members to ensure stability and continuity at the state investment vehicle.

GIC deputy chairman and executive director Tony Tan will take over as chairman of GIC RE. Dr Tan, 69, will also continue with his current duties as chairman of GIC SI.

Mr Lim will also replace Mr Lee as chairman of GAM which also comprises the Public Markets Group.