Singapore’s GIC Names Bryan Yeo as CIO | Chief Investment Officer

Bryan Yeo

Singapore’s sovereign wealth fund, the GIC, has promoted its deputy CIO, Bryan Yeo, to group CIO, the fund announced Tuesday. succeeding Jeffrey Jaensubhakij, who will retire and be appointed a GIC adviser.

Yeo, who has been at the GIC since 2003, was appointed CIO of public equities in 2016 and promoted to deputy group CIO in April 2024. He has also held numerous roles at the fund, including head of fixed income in the Americas, head of credit research and strategy, deputy head of equities and head of credit markets.

In addition to Yeo’s promotion, the GIC also announced that Boon Chin Hau will be named CIO for infrastructure, succeeding Ang Eng Seng, who, like Jaensubhakij, is retiring and will be appointed as an adviser to GIC. All appointments are effective April 1.

“I would like to express my gratitude to Jeffrey and Eng Seng, for their commitment to GIC over the decades,” said Lim Chow Kiat, the GIC’s CEO, in a statement. “Jeffrey was a key architect of the GIC total portfolio and an innovator in investment policies.”

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Yeo earned a bachelor of fine arts degree in engineering and a master of science in financial mathematics from the University of Chicago.

“Eng Seng was instrumental in the expansion of private markets across asset classes and geographies, and was a founding leader for the infrastructure group,” Lim said. “We look forward to their continued contributions as GIC Advisors in the days ahead.”

The GIC’s assets are estimated to be about $800 billion. The fund manages the government’s financial assets and is one of the country’s three investment entities, including the Monetary Authority of Singapore and Temasek.

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Tags: Boon Chin Hau, Bryan Yeo, GIC, Lim Chow Kiat, Singapore

The $925 billion Saudi Public Investment Fund has seeded a Saudia Arabia-focused exchange-traded fund managed by State Street Global Advisors with $200 million. According to the asset manager, the ETF is the first Saudi Arabian fixed-income undertaking for collective investment in transferable securities ETF made available in Europe.

According to a State Street fact sheet, the objective of the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF is to track the performance of liquid, U.S. dollar-denominated sovereign and “quasi-sovereign instruments” and Saudi riyal-denominated Sukuk government bonds from Saudi Arabia. Sukuk government bonds are Islamic financial certificates that comply with Islamic, or Sharia, law.

The ETF, launched in December 2024, is a sub-fund of SSGA SPDR ETF’s Europe I and is listed on the London Stock Exchange and the Deutsche Börse’s Xetra in Frankfurt, Germany. The ETF tracks the newly created J.P. Morgan Saudi Arabia Aggregate Index and is intended to provide investors with access to Saudi financial instruments.

As of January 30, the fund held $248.9 million, which means the Saudi PIF’s investment accounts for more than 80% of the fund’s total asset value.

“PIF’s investment into the first internationally listed fixed-income Saudi ETF further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships, increasing international investment in Saudi Arabia,” Yazeed Al-Humied, PIF’s head of Middle East and North Africa investments, said in a statement.

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The ETF is the sovereign wealth fund’s second deal involving a Saudi Arabian ETF in the past several months. In October 2024, the Saudi PIF announced a memorandum of understanding with Japan’s Mizuho Financial Group to launch an ETF in Japan that invests in the Saudi Arabian equity market.

The One ETF FTSE Saudi Arabia Index was launched last December by Mizuho subsidiary Asset Management One. It had an initial market capitalization of more than $100 million, which according to Mizuhi, makes it the largest ETF on the Tokyo Stock Exchange that invests exclusively in the Saudi Arabian equity market.