Temasek Holdings Pte Ltd has appointed Jimmy Phoon as the new chief executive for Seatown Holdings, a hedge fund set up by the Singaporean investment company, The Wallstreet Journal reported.

Jimmy Phoon who succeeds co-CEOs Charles Ong and Nasser Ahmad, will take charge from August 1. Mr Charles Ong will return to Temasek as senior managing director special projects, while Mr Nasser will stay on as an advisor to Seatown throughout the end of 2011,  a Temasek spokesman said. 

Meanwhile, Jimmy Phoon will also maintain his position as head of strategy at Temasek. Temasek launched Seatown with US $2.9 billion of the state investment firm’s money.

Seatown invests in a range of asset classes in global markets including Asian equities and high yield, U.S. and Euopean credit, publicly listed stocks and privately negotiated financing.

Seatown has so far drawn half of its US $9.2 billion in seed capital, yielding gross annual returns of about 15%-17%.

Temasek Holdings is an Asia investment house headquartered in Singapore. It owns adiversified $193 billion portfolio as at 31 March 2011, concentrated principally in Singapore, Asia and growth markets.

The company is an active shareholder and investor in financial services, telecommunications and media, technology, transportation, industrials, lifesciences, consumer, realestate, energy and resources.