Sovereign Wealth Fund Institute

According to the press release, “Temasek Holdings (Private) Limited (“Temasek”) is pleased to confirm the following changes in its leadership team.  Mr Hsieh Fu Hua has joined Temasek as Executive Director and President with effect from 1 August 2010, and Mr Dilhan Pillay Sandrasegara will join Temasek as Head, Portfolio Management with effect from 1 September 2010.  Currently Executive Director, Mr Simon Israel will assume the role of Executive Director and President, while Mr Gregory Curl will join Temasek as President. Both appointments will take effect from 1 September 2010. Hsieh Fu Hua, Simon Israel and Greg Curl will work in close partnership with Temasek CEO Ho Ching to support the Temasek senior leadership team to build a sustainable institution that creates and delivers long term shareholder value.

Hsieh Fu Hua, 60, oversees Temasek’s institutional and capacity building initiatives, including the company’s platform for leadership and talent development, as well as risk management.

Simon Israel, 57, provides leadership in building and enhancing value creation in Temasek’s Singapore investments, as well as oversees its engagement with Australia and New Zealand markets, in his concurrent role as Head Singapore and Head Australia/New Zealand.

Greg Curl, 62, will oversee Temasek’s interests in financial services, and support its strategic engagement in the Americas. Greg retired from Bank of America in March this year, where he was credited to be “a principal architect of one of the world’s premier financial services franchises”, and brings with him 34 years of banking and international M&A experience.

In addition to his role as Head of Portfolio Management, Dilhan Pillay, 47, will also take on the role of co-Head Singapore to support Simon Israel along with the senior leadership team.

Ms Ho Ching, Executive Director & CEO of Temasek Holdings said, “I have been very privileged to have the opportunity to work with a highly committed and driven team with diverse backgrounds, experience and capabilities. Along with Simon and other members of our senior team, Fu Hua, Greg and Dilhan will add tremendous depth to our bench strength, as we continue to forge a partnership culture with an ownership mindset, and further hone our capabilities as an investment house.””

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Ho Ching

Chief executive Ho Ching said the fund had already been approached by institutional investors regarding such deals. Temasek is considering including outside investors in single projects as well as the possibility of creating a fund to invest in multiple projects.

This comes a week after the company parted ways with Chip Goodyear, who was to take over the chief executive position in October. Goodyear will now leave the company in August. Temasek has not given a reason behind this decision, saying only that “the Temasek board and Mr Goodyear have concluded and accepted that there are differences regarding certain strategic issues that could not be resolved.” Despite the value of Temasek’s assets plunging by more than SGD$40bn ($27.7bn) in the 12 months ended 31 March, the fund has had an annual return of about 18 per cent a year since its launch in 1974.

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