Temasek chief to take 3-month sabbatical

Ho Ching, Temasek chief executive, is taking a three-month "part-time sabbatical", the Singapore state investment agency said on Wednesday.

Ms Ho has headed Temasek since January 2004 and will continue with "board duties and specific stewardship duties", according to a two-line statement.

Lee Theng Kiat, Temasek president, will assume Ms Ho's other responsibilities as chief executive in her absence.

"This is not related to any retirement plans at all," said Temasek, adding that Ms Ho, 61, would return to the post full-time after her sabbatical. The group did not provide any further details.

Under Ms Ho's leadership, Temasek - one of two Singaporean government-backed funds, alongside sovereign wealth fund GIC - has grown to become one of the world's most powerful investors.

It had assets under management of US$177bn when it last reported figures in March 2014, ranking it the 11th largest government-backed fund globally, according to the Sovereign Wealth Institute.

Ms Ho, who is married to Singaporean prime minister Lee Hsien Loong, joined Temasek in 2002, following a career as an engineer and executive in the defence industry. Earlier this year, Mr Lee underwent treatment for prostate cancer.

Ms Ho's decision to take time away from Temasek comes three weeks after the death of her father-in-law Lee Kuan Yew. Arranging the family affairs of the man who led Singapore to independence in 1965 is expected to be a time-consuming process.

Founded as a Singapore-focused entity in 1974, Temasek has become increasingly global over the past decade. Last year it opened offices in London and New York, and it is a major shareholder in a number of international blue-chip companies including Standard Chartered, Lloyds Banking Group, ICBC and Alibaba.

Just under a third of its portfolio is invested in Singapore, with 41 per cent in the rest of Asia and 24 per cent spread across North America, Europe, Australia and New Zealand.

Reports of Ms Ho's imminent departure from Temasek have surfaced periodically over the past five years. She was due to hand over the reins in 2009 to Chip Goodyear, former BHP Billiton chief executive. However, four months after Temasek announced his appointment, Mr Goodyear left "by mutual consent" before formally taking up the post.

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