SINGAPORE – Deputy Prime Minister Lawrence Wong will serve as deputy chairman of sovereign wealth fund GIC from Oct 1.

The role was left vacant after Mr Tharman Shanmugaratnam stepped down in July to stand as a candidate in the presidential election in September, which he won. Mr Tharman was sworn in as Singapore’s ninth president on Sept 14.

In his new role as deputy chairman, Mr Wong, who has been a GIC board director since November 2018, will assist the chairman, Prime Minister Lee Hsien Loong, in leading the board in overseeing GIC’s long-term asset allocation and portfolio performance.

In July, Mr Wong was appointed chairman of GIC’s investment strategies committee, following Mr Tharman’s resignation.

Mr Wong also succeeded Mr Tharman as the chairman of the Monetary Authority of Singapore in July, and his appointment will run until May 31, 2026.

Mr Wong is also Finance Minister and the chairman of the Economic Development Board’s International Advisory Council.