Ex-GIC Investment Boss Ng Mulls Bid for Singapore Presidency

(Bloomberg) -- Ng Kok Song, the former chief investment officer of Singapore sovereign wealth fund GIC Pte, is considering standing in the city-state’s upcoming presidential election.

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“It is an issue of great national importance and there will be immense personal implications,” Ng’s spokesperson cited him as saying. Ng is “still deliberating,” the spokesperson said.

Ng is chairman of Avanda Investment Management. His deliberations come after businessman George Goh announced he would contest the upcoming presidential election. Tharman Shanmugaratnam, a former senior minister, declared his bid in early June.

Singapore’s incumbent President Halimah Yacob will not stand for re-election.

While the prime minister runs the government, the president is a largely-ceremonial role. The president holds some powers including the right to veto spending bills or government requests to draw on past reserves.

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