The chief executive of Singapore’s Fullerton Fund Management, Gerard Lee, is leaving the company, Fullerton said on Wednesday.

Lee is joining Lion Global Investors, according to a source familiar with the matter, but the Singapore-based money manager declined to confirm the reports.

“While we are saddened to lose Gerard, his vision and passion are woven into the fabric of the company. We will continue to build on this strong foundation and we wish Gerard all the best in his future endeavours,” Fullerton’s Chairman Victor Liew said in an e-mailed statement to Reuters.

 

Fullerton, a unit of state investor Temasek Holdings (TEM.UL), said it was in the process of identifying a new CEO. Deputy CEO Choy Peng Wah will hold temporary charge, it said.

 

Lion is an arm of Singapore’s second largest lender Oversea-Chinese Banking Corp (OCBC.SI) with total assets under management of about $29.4 billion.

 

Its previous CEO Daniel Chan left the company in July.