(Corrects to “Leong” from “Leng” in paragraph 3)

(Reuters) -Singapore’s Temasek Holdings said on Wednesday President Tan Chong Lee will resign to take up the role as chief executive officer at its fund management firm 65 Equity Partners.

In a slew of management changes announced by the investment giant, Leong Wai Leng will step down as the chief financial officer after 16 years to lead the Singapore market team as president.

The company’s deputy CFO Png Chin Yee will replace Leong from Jan. 1, 2023, it said in a statement.

The state investor, which owns some of the biggest Asian companies like DBS Group and Standard Chartered, has 63% exposure to Asia. It has in recent days seen stock markets tumble in the face of higher interest rates and inflation.

(Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh Kuber)