Former Billiton boss to be Temasek CEO
The Singapore state-run sovereign wealth fund Temasek will, starting in October, be led by Charles “Chip” Goodyear, former head of mining giant BHP Billiton, the Economist reported Thursday.
Temasek, which has majority stakes in terminal operator PSA International as well as Singapore Airlines, saw the value of its portfolio drop from $134 billion to $84 billion between March and November 2008. The fund invested in four failing Western banks, investments that dragged on the whole portfolio. But overall, the fund performed no better or worse than the overall market, the report said. Between 2005 and 2008, Temasek also diversified itself from its dependence on Singaporean assets, with half of its balance sheet tied to Singapore in 2005 and only one-third by the end of 2008.
Goodyear is expected to help Temasek focus on investment in commodities, where the fund is considered “underweight,” according to the report. He will replace current chief executive Ho Ching, the wife of Singapore’s prime minister.
Former Billiton boss to be Temasek CEO
