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The man who taught Lee Kuan Yew to meditate: 6 things about presidential hopeful Ng Kok Song | The Straits Times

Mr Ng Kok Song has thrown his hat into the ring for the upcoming presidential election. ST PHOTO: JASON QUAH

SINGAPORE – Former GIC chief investment officer Ng Kok Song has thrown his hat into the ring for the upcoming presidential election, announcing his intentions on Wednesday when he picked up an application form at the Elections Department.

The 75-year-old joins the likes of former Senior Minister Tharman Shanmugaratnam and entrepreneur George Goh as presidential hopefuls, making it a potential three-way fight.

Most well-known for his contributions to GIC and his love for meditation, here are six things to know about Mr Ng:

1. A long public service career

A Public Service Commission scholarship recipient, Mr Ng started out in investment management in 1970 when he joined the Finance Ministry as an investment analyst.

The physics graduate then moved to the Monetary Authority of Singapore (MAS) when it was formed in 1971 and took over the role of managing Singapore’s reserves.

In 1973, when MAS set up a London investment office, Mr Ng was selected to head it and spent three years there.

 

He joined GIC in 1986, five years after it was formed to manage the country’s foreign reserves, and headed the equities and bond department. He was the fund’s first non-expatriate director. In 2007, he was made GIC’s first group chief investment officer.

During that time, he was key in building GIC’s in-house capability for managing global equities, fixed-income investments and currencies, among others. He was also among those who led GIC in navigating periods of financial turmoil such as the 1998 Asian currency crisis, 2001 dot-com bust and 2008 global financial crisis.

 

He retired in 2013 after 27 years at the sovereign wealth giant.

Before joining GIC, Mr Ng was the founder and chairman of the Singapore International Monetary Exchange in 1984, which was later incorporated into the Singapore Exchange as its derivatives arm.

2. Knack for investment

Just a few years into retirement, Mr Ng co-founded Avanda Investment Management, an investment firm whose assets have more than doubled since it was set up in mid-2015.

Mr Ng is the executive chairman of the firm. His other co-founders are Mr Quah Wee Ghee, former president of GIC Asset Management, and Dr Sung Cheng Chih, former chief risk officer at GIC.

A Bloomberg report in February 2022 said the firm’s assets were worth around US$10 billion (S$13.2 billion).

In an interview, Mr Ng said his vision for Avanda was that it would help Singapore and Asian investors invest globally and help global investors invest in Asia.

Three of his founding clients were the Singapore Labour Foundation, Temasek and GIC, whose contributions helped launch the firm with around US$4 billion in assets.

Since then, about half the gains have been from market returns while the rest have been from new clients and additional capital, reported Bloomberg.

 

Documents obtained from the Accounting and Corporate Regulatory Authority show that the firm has had an average of about $73 million in shareholder equity in the last three years.

Mr Ng’s keen sense for numbers was honed in him from young.

In a 2012 interview with The Straits Times, Mr Ng said he inherited his gift for arithmetic from his late father.

A fish auctioneer, his father was able to tell the weight of a basket of fish just by lifting it, and could calculate how much it cost almost instantly.

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