Former transport minister Raymond Lim will take on a bigger role at hedge fund APS Asset Management.
The hedge fund said yesterday that he will now be executive chairman of the fund, and work to strengthen the leadership of the firm while providing strategic direction.
Mr Lim, 56, who was appointed chairman of APS in 2013, will also help the investment team by providing insights on geopolitical developments in the Asian region. This will free up APS founder and chief investment officer Wong Kok Hoi to focus on investment.
In announcing the appointment, Mr Wong was effusive in his praise for Mr Lim.
"Those who have worked with Raymond or know him well would agree with me that he is a methodical and analytical person, a brilliant and strategic thinker and a straight talker," said Mr Wong.
"Having worked with him more closely in the last three years, I can say without reservation that he is a man whom I have the greatest respect for and also a man I know I can always rely on for advice and guidance when I need it."
Mr Lim spent 14 years in politics until he stepped down before the General Election on Sept 11 this year. His ministerial appointments included those in finance, foreign affairs, trade and industry, entrepreneurship and transport.
His private-sector appointments included being chief executive officer of DBS Vickers Securities, managing director of Temasek Holdings and chief economist of ABN AMRO Asia Securities, where he was ranked as one of the best economists in Asia by international fund managers.
Mr Lim also served on the board of governors of the International Monetary Fund and the World Bank. He is a director at GIC and senior adviser to the Swire Group.
Mr Lim said he is looking forward to working with Mr Wong and his team, noting that the hedge fund has proved to be one of the best in the business.
"APS celebrates its 20th anniversary this year. It means APS has proven itself to be amongst the best in the asset management business," he said.
"I look forward to working with him and the exceptional team in APS as we seek to realise our ambition of being the best of the breed in Asia."