SINGAPORE: Former GIC chief investment officer Ng Kok Song has announced his intention to run for the Singapore presidency.
The 75-year-old arrived at the Elections Department on Wednesday morning (Jul 19), accompanied by his fiancée Sybil Lau, who is in her 40s, and his three children.
He is the third presidential hopeful to throw his hat into the ring.
In a statement sent to the media, Mr Ng said he has been thinking about standing for the presidency for some time.
"Concerns about the integrity of our national institutions have convinced me that I should stand for President," he said.
Mr Ng noted that Singaporeans want to exercise their right to vote for their President and not have another walkover, adding that he has never been a political figure.
"An independent President is better able to unite our country. Singapore faces uncertain and difficult times ahead. We may have our differences of views and political affiliations, but differences must not become divisions in our society," he said.
"As an independent President, I will be better able to help unite our country to face an uncertain future."
Mr Ng is currently the executive chairman of Avanda Investment Management, an asset management company he co-founded in 2015 with two former GIC colleagues.
He retired from GIC - Singapore's sovereign wealth fund - in 2013 after 27 years with the organisation.
Government-linked firms Singapore Labour Foundation, Temasek and GIC had contributed around US$4 billion (S$5.3 billion) in assets to help launch Avanda, according to a Bloomberg report last year. The report added that Avanda's assets have since more than doubled to about US$10 billion.
GIC previously said Mr Ng played a critical role in managing its investments in public markets and vastly expanding its investment capability.
He was appointed GIC's first group chief investment officer in 2007, a post he held until he retired.
A graduate in physics from the University of Singapore and in management from Stanford University, Mr Ng's career in investment management began even before GIC was formed.
He started as an investment analyst in the Ministry of Finance in 1970, before moving to the Monetary Authority of Singapore when it was formed in 1971 and took over the function of managing Singapore’s reserves.
In his statement, Mr Ng noted the President's critical role in safeguarding the use of Singapore's reserves, highlighting his credentials of being involved in building up the country's reserves for 45 years at GIC and MAS.
"I have never been a political figure," he said.
"My work has been professional and low-key. I never sought the limelight. I concentrated on my public responsibilities. Many people in the public service would know me or have heard of me. But I am aware that many Singaporeans do not know me. I will put that right in the coming weeks.
"At this stage of my life. I have decided to come forward and serve my country one more time. Singapore has given me so much. I want to thank the people of Singapore by coming forward."
Continue reading...
The 75-year-old arrived at the Elections Department on Wednesday morning (Jul 19), accompanied by his fiancée Sybil Lau, who is in her 40s, and his three children.
He is the third presidential hopeful to throw his hat into the ring.
In a statement sent to the media, Mr Ng said he has been thinking about standing for the presidency for some time.
"Concerns about the integrity of our national institutions have convinced me that I should stand for President," he said.
Mr Ng noted that Singaporeans want to exercise their right to vote for their President and not have another walkover, adding that he has never been a political figure.
"An independent President is better able to unite our country. Singapore faces uncertain and difficult times ahead. We may have our differences of views and political affiliations, but differences must not become divisions in our society," he said.
"As an independent President, I will be better able to help unite our country to face an uncertain future."
Mr Ng is currently the executive chairman of Avanda Investment Management, an asset management company he co-founded in 2015 with two former GIC colleagues.
He retired from GIC - Singapore's sovereign wealth fund - in 2013 after 27 years with the organisation.
Government-linked firms Singapore Labour Foundation, Temasek and GIC had contributed around US$4 billion (S$5.3 billion) in assets to help launch Avanda, according to a Bloomberg report last year. The report added that Avanda's assets have since more than doubled to about US$10 billion.
GIC previously said Mr Ng played a critical role in managing its investments in public markets and vastly expanding its investment capability.
He was appointed GIC's first group chief investment officer in 2007, a post he held until he retired.
A graduate in physics from the University of Singapore and in management from Stanford University, Mr Ng's career in investment management began even before GIC was formed.
He started as an investment analyst in the Ministry of Finance in 1970, before moving to the Monetary Authority of Singapore when it was formed in 1971 and took over the function of managing Singapore’s reserves.
In his statement, Mr Ng noted the President's critical role in safeguarding the use of Singapore's reserves, highlighting his credentials of being involved in building up the country's reserves for 45 years at GIC and MAS.
"I have never been a political figure," he said.
"My work has been professional and low-key. I never sought the limelight. I concentrated on my public responsibilities. Many people in the public service would know me or have heard of me. But I am aware that many Singaporeans do not know me. I will put that right in the coming weeks.
"At this stage of my life. I have decided to come forward and serve my country one more time. Singapore has given me so much. I want to thank the people of Singapore by coming forward."
Continue reading...