Temasek CEO to go on leave for three months

Singapore

Ho Ching, CEO of Singapore's wealth fund Temasek, will go on a three-month sabbatical leave, the firm said on Wednesday.

Ho Ching is the wife of the country's Prime Minister Lee Hsien Loong, whose father and founder of modern Singapore Lee Kuan Yew died last month at age 91. Prior to his death, the younger Lee was also treated for prostrate cancer in February.

During this time, "she will continue with her Board duties and specific stewardship duties," Temasek said in a statement on its website.

In her absence, the company's president Lee Theng Kiat "will cover her on all normal course of business at Temasek," the statement read.

According to Vasu Menon, a wealth management executive at OCBC Bank, there will be little market impact from the news.

"You can't say that Temasek is run by her only," he said. "even if she takes a sabbatical leave for three months, based on whats happened to her family recently, it'll be business as usual at Temasek."

Ho joined Temasek as a director in January 2002 and has been its CEO since January 2004.

Temasek is one of a few global firms assigned with the highest overall corporate credit ratings of "AAA" by Standard & Poor's and "Aaa" by Moody's. It currently manages a portfolio worth 223 billion Singapore dollars ($163 billion).

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