People: Nagel leaves Bundesbank; GIC makes string of appointments

Joachim Nagel steps down from Deutsche Bundesbank executive board


Germany: Joachim Nagel stepped down from Deutsche Bundesbank's executive board at the end of April. His responsibilities will be distributed across the other five members until a replacement is appointed.

The executive board usually comprises six members. The president and vice-president, currently Jens Weidmann and Claudia Buch, and one other member are nominated by the federal government. The remaining three are nominated by the upper house of the parliament, representing the federal states.

Nagel was head of the Bundesbank's market operations, a role he took up in 2008, before his nomination to the board in 2010. He has a mandated "cooling-off period" of six months, after which, local media have reported, he is in line to join state development bank KfW.

Singapore: GIC, Singapore's sovereign wealth fund, has unveiled a string of senior appointments, to take effect from June 1.

Lim Chow Kiat will become deputy group president, while also serving as group chief investment officer (CIO). Jeffrey Jaensubhakij will serve as a deputy group CIO, alongside Lim Kee Chong.

GIC will also create a host of new positions, with five new CIOs for specific business areas. Ang Eng Seng (infrastructure), Choo Yong Cheen (private equity), Lee Kok Sun (real estate), Liew Tzu Mi (fixed income) and Bryan Yeo (public equities) will begin their roles on June 1 as well.

Tanzania: A new secretary-general joined the East Africa Community (EAC) on April 25. Libérat Mfumukeko took over from Richard Sezibera, after being appointed for a five-year term.

Mfumukeko was previously deputy secretary-general in charge of finance and administration at the institution. Prior to that, he was director-general at Burundi Water and Electricity Utility.

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