With the aim to aid the improvement of ties with policymakers, two new posts of chiefs - president (Europe) and president (Americas) - have been created the Government of Singapore Investment Corp (GIC), which manages an estimated $200 billion-plus in assets.

Billions have been invested by GIC into Citigroup and UBS. It should be noted that GIC is the world's fourth largest sovereign wealth fund with assets of around $300 billion.

It will be in London where Lim Chow Kiat will be based and will cover Europe, the Middle East and Africa. Meanwhile Anthony Lim Weng Kin, who will be looking after North, Central and South America, will work from New York.

A statement by GIC on Monday said: "The presidents will be the most senior representatives in their respective geographies for the whole of GIC. They will promote contacts with policy makers and thought leaders in the financial, governmental and non-governmental circles."