The Government of Singapore Investment Corporation, one of the world’s biggest sovereign wealth funds, on Monday announced a senior management shake-up prompted by concerns about protectionism and regulatory change in the west.

GIC, estimated by Deutsche Bank to have assets of about $300bn, said it had appointed Lim Chow Kiat to the new post of president for Europe, based in London, while Anthony Lim Weng Kin would become president for Americas, based in New York.