SINGAPORE - Chew Tuan Chiong, chief executive of Frasers Centrepoint Asset Management, will step down by year-end, the manager of Frasers Centrepoint Trust said on Monday morning (Jan 21).
Dr Chew, now 61, has told the board that he plans to retire from his roles as CEO and executive director. He is due to reach the national minimum retirement age of 62 in 2019.
His successor "will be announced in due course", Frasers Centrepoint Asset Management chairman Cheong Choong Kong said in a statement, citing "an effective succession programme" at the firm.
Since Dr Chew joined in 2010, the trust's assets have grown from $1.52 billion to $2.84 billion, the manager noted in its announcement. Over the same period, distribution per unit has risen - from 8.2 cents for the year ended Sept 30, 2010, to 12.015 cents for the period to Sept 30, 2018.