10 Facts About Ng Kok Song, The Former GIC Chief Investment Officer Who’s Now Running for President

Last Updated on 2023-07-25 , 11:05 am

In May, current President Halimah Yacob announced that she would not seek re-election after her term ends on 13 September 2023.

This effectively means that there will be a new President in place.

And thus far, there are three Presidential hopefuls. The first, former Senior Minister Tharman Shanmugaratnam, unveiled his intention on 8 June 2023, while the second, businessman George Goh, announced his bid on 12 June 2023.

As for the third, he entered the race on 19 June 2023, much to the fanfare of media outlets islandwide. And yet, one can’t hope but wonder:

You may know his name, but do you know his story?

Here’s some info about him if you prefer to watch a video:

If not, read on.

10 Facts About Ng Kok Song, The Former GIC Chief Investment Officer Who’s Now Running for President

Ng Kok Song

Remember the name because he may be your new President.

The former GIC Chief Investment Officer, who’s 75 years of age, announced his bid yesterday (19 July 2023) when he turned up at the Elections Department with his fiancee and three children.

Prior to that, he had reportedly been in heavy deliberation.

Mr Ng ultimately made the decision after factoring in concerns pertaining to the integrity of the nation’s institutions.

Stating that only an independent figure free of political connections could protect it, he added that his decision would hopefully serve as an exemplification to the younger audience and spur more good people to come forward.

The One Who Taught Minister Mentor Lee Kuan Yew

What do you call a Minister Mentor’s mentor?

Ng Kok Song.

An avid believer in Christian meditation, Mr Ng once taught the late Minister Mentor Lee Kuan Yew to meditate. This reportedly occurred in the late 2000s.

It was all the more impressive considering how Mr Lee was not a Christian.

Apparently, they even held discussions over whether meditation should be incorporated in all schools as a form of stress relief.

In an interview, the late Minister Mentor revealed that he had approached Mr Ng first, after noticing how the latter’s face was serene even after his wife had passed away.

Indeed, Mr Ng seems to be really passionate about meditation, though the story of who he began with may tear at your heartstrings.

Death in His Arms on a Valentine’s Day

Mr Ng’s obsession with meditation stems from over 30 years ago when he first learnt the discipline from Benedictine monk Laurence Freeman.

At the time, he was accompanied by his late wife, Patricia Ng.

The practice would later alleviate their pain when she contracted stomach cancer.

She eventually died on Valentine’s Day in 2005, in Mr Ng’s arms.

It was reportedly one of her last wishes.

The couple first met at Montfort in 1972; they have three children together.

In 2012, Mr Ng said that he felt so much love from his late wife that it was enough to last a “lifetime”.

He had, however, said at the time that he was open to falling in love again, which eventually led to his current fiancee Sybil Lau.

Fiancee

Mr Ng is currently engaged to Ms Sybil Lau, a Canada-born Singaporean.

She is 30 years his junior.

Ms Lau first learnt of Mr Ng in 2018 when she saw him on a Youtube video.

They eventually met through a mutual friend, and despite Mr Ng’s initial concerns regarding their age difference, they ended up together.

The couple was reportedly due to get married sometime back but ultimately postponed it for three years after Ms Lau’s mother passed away in 2021.

Ms Lau accompanied Mr Ng to the Elections Department yesterday (19 July 2023). She spoke fondly of her fiance, stating he is contesting the presidency to “serve the people of Singapore.”

Ng Kok Song: Childhood

Mr Ng wasn’t always wealthy.

Born as the second eldest of eleven children, he grew up in a fishing village in Sengkang with a fish auctioneer father and a housewife mother. He resided in a house with a mud floor and two bedrooms.

When desperate times called, his mother even had to borrow money from neighbours.

Mr Ng was prolific at studies from a young age, often coming in first or second in his cohort. In Primary 5, he came in seventh: a notion that terrified him so much that he ended up crying.

Growing up, he earned the opportunity to attend a Canadian university on a scholarship but had to turn it down because his father could no longer work. Instead, he won a Public Service Commission scholarship at the University of Singapore, where he learnt physics.

During his time at the University, Mr Ng offered private tutoring sessions and was able to tutor six students. The monthly income he earned was subsequently given to his family.

He would also repeatedly pawn and take back a Seiko watch, which the father of two of his students had given him, to be able to pay for his dates with his late wife.

Stellar Career

Mr Ng embarked on his journey in public service in 1970 as an investment analyst with the Finance Ministry.

The Public Service Commission scholarship recipient then moved to the Monetary Authority of Singapore a year later when it was formed, before moving to London to head MAS’ overseas-based investment office.

In 1986, Mr Ng moved to Singapore sovereign wealth fund GIC to head the equities and bonds department. He was the fund’s first non-expatriate director.

In 2007, he climbed up the ladder to become GIC’s first group chief investment officer, a position he held till his retirement in 2013.

During his time at GIC, he was perceived as a critical figure, having been vital to the fund’s in-house capability for various managements.

He also helped lead GIC past several financial, including the 1998 Asian currency crisis and the 2008 global financial crisis.

But that’s not all. Mr Ng also founded the Singapore International Monetary Exchange in 1984 and served as its chairman until 1987. It was later incorporated into the Singapore Exchange as its derivatives arm.

It should be noted that his siblings would also go on and do well in sectors ranging from finance to engineering.

Current Career

Mr Ng currently serves as the executive chairman of Avanda Investment Management.

The investment firm was co-founded by him in mid-2015, alongside former president of GIC Asset Management Mr Quah Wee Ghee and former GIC chief risk officer Dr Sung Cheng Chih.

With the help of early contributions from the likes of the Singapore Labour Foundation, Temasek and GIC, the firm’s assets have since ballooned to a staggering S$13.4 billion in 2022.

Around half the gains were reportedly derived from market returns.

Other Posts

Apart from his role at Avanda Investment Management, Mr Ng also occupies several other positions at various established institutions, including:

• Board of governors of the Asia School of Business in Kuala Lumpur
• Founder and chairman emeritus of the Wealth Management Institute at Nanyang Technological University
• Board member of global investment firm 65 Equity Partners
• PIMCO’s Global Advisory board

Mr Worldwide

Mr Ng may be decorated locally, but did you know his accomplishments have also been recognised globally?

In 2013, he received the Thomas L Hansberger Award for Leadership in the global investment profession from the CFA Institute.

He was also given the Legion of Honour by the French government in 2003, and subsequently the Order of Merit in 2011.

And arguably the most impressive feat of all? Mr Ng was previously inducted into the Futures Hall of Fame by the United States-based Futures Industry Association.

To put it into perspective, he’s like R9 in the footballing world: a legend in the global futures industry.

He Once Deliberated Becoming a Priest

And no, not the Maplestory one.

Baptised as a Catholic at the age of seven, Mr Ng used to serve as an altar boy at the Church of the Nativity of the Blessed Virgin Mary.

Because of the church’s influence on his life, he deliberated whether he should become a priest in his early teens.

Thankfully for the wealth industry, he chose not to become one.

Later on, he would partake in interfaith work as chairman of the Lien Centre for Palliative Care from 2008 to 2012.

What an… over-achiever.