SINGAPORE - Former Member of Parliament and Cabinet minister Mr Raymond Lim has been appointed executive chairman for APS Asset Management.

The appointment is effective since Tuesday, Oct 27, the firm said in a press release on Wednesday.

Mr Lim, a former Cabinet minister, has been chairman of APS since January 2013.

"In the role of Executive Chairman, he will lead the effort to build APS into a fine institution with robust non-investment functions to complement the firm's investment track record," the Singapore-headquartered firm said.

Mr Lim stepped down from politics before the Sept 11 general election.

As minister, his ministerial appointments included Finance, Foreign Affairs, Trade and Industry, Entrepreneurship and Transport.

His private-sector appointments included CEO of DBS Vickers Securities, Managing Director of Temasek Holdings and Chief Economist of ABN AMRO Asia Securities, where he was ranked 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 also a director at GIC and senior advisor to the Swire Group.