Peter Ng Kok Song, Former GIC CIO, Considering Running for Presidential Election 2023

Peter Ng Kok Song Could Bring Us the Extra Holiday We Want

Remember this name, because you’d probably have to thank him for an extra public holiday this year: former GIC Chief Investment Officer Peter Ng Kok Song. On 15 July, the 75-year-old said that he’s “considering” to run for president.

Here’s why we’re all rooting for him to join the contest so we can have one more rest day to mindlessly scroll through TikTok contents.

Another Possibly Eligible Candidate, Peter Ng Kok Song, Considering Running for President

It all started when Wake Up, Singapore, claimed that Mr Ng is “likely” to contest based on the sources they’ve spoken to.

Responding to queries from The Straits Times on Saturday (15 July), Mr Ng had said that it is an issue of great national importance, and there will be immense personal implications, so he is “still deliberating.”

So, the million-dollar question is, is he eligible?

For example, George Goh might not be eligible; you can watch this video for more information:

Currently, Mr Ng is the executive chairman of Avanda Investment Management, an investment firm he co-founded with a couple of his former GIC buddies back in 2015. The good news? Avanda Investment Management has been raking in profits for the past three financial years from 2020 to 2022. That’s one box ticked off the eligibility checklist.

But here’s the catch. The firm’s average shareholder equity for the past three years stands at about $73 million. To be eligible, he needs to be at the helm of a company with over $500 million in shareholder equity.

But hold your horses, don’t cancel your Bali trip just yet.

Mr. Ng bid adieu to GIC—Singapore’s sovereign wealth fund—in 2013 after a glorious 27-year stint. This could be his golden ticket to eligibility. He just needs to prove that he can handle big bucks, which shouldn’t be a problem given his impressive track record.

Just so you know, the eligibility criteria is that he should have served “as the chief executive of a key statutory board or government company,” which must “fall partly or wholly within the 20-year period before the date when a writ of election is issued to initiate the presidential election process.”

There’s a tiny hiccup, though.

He was the Chief Investment Officer, not the Chief Executive Officer. But let’s not forget, in an investment firm, the CIO is just as crucial as the CEO. So, there’s still hope.

As the CIO, he was the mastermind behind GIC’s total investment portfolio and worked closely with investment group heads to manage and monitor investment activities across all asset classes.

Meet Peter Ng Kok Song: The Man Behind the Name

So, who exactly is this Peter Ng Kok Song, you ask?

Mr Ng embarked on his journey in the public service in 1970 as an investment analyst with the Finance Ministry, fresh out of the University of Singapore (now known as National University of Singapore (NUS)) with a physics degree.

The recipient of the Public Service Commission scholarship then moved to the Monetary Authority of Singapore a year later when it was formed.

Fast forward to 1986, five years after GIC was formed, Mr Ng joined the team 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.

The current CIO is Dr Jeffrey Jaensubhakij.

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.