GIC Cuts Key Quant Unit in ‘Tough’ Overhaul of Investment Teams

Singapore sovereign wealth fund GIC Pte has scaled back a core quantitative unit set up in 2016 under former Goldman Sachs Group Inc. banker Percy Wong, following a “tough” internal rethink of its investment teams and strategies.

The Systematic Investment Group, which had about 30 staff earlier this year, is being reorganized with some team members reassigned to different units while others are leaving to join external quant firms, according to people familiar with the matter.

Wong, who joined GIC in 2012, is also poised to leave, said the people, asking not to be identified discussing a private matter. ...