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Singapore’s Prime Minister, Lee Hsien Loong- succeeding his father Lee Kuan Yew; was named the new chairman of the Government of Singapore Investment Corp (GIC), which manages more than $100 billion of the island’s assets. The elder Lee will continue being a senior adviser to the sovereign wealth fund.

GIC is ranked the world’s eight largest state investment company by the Sovereign Wealth Fund Institute. GIC had average annual returns similar to a 10.2 percent rise in equities since 1981. Lee stated that, the entity will capitalize on its global reach, multi-asset class and long term perspective to produce good returns.

Lee, 87 and the country’s first prime minister had announced on May 14th that he would resign from the cabinet to make way for younger leaders.

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