In a statement handed to the media outside the department at Novena Rise, Mr Ng cited his involvement in building up Singapore's reserves for 45 years at GIC and the Monetary Authority of Singapore as a reason for his decision, noting that the President has a"critical role" to safeguard the reserves.
Adding that he is"above politics", Mr Ng, who retired from GIC in 2013, said he has never been affiliated to any political party and is independent. He later founded asset management company Avanda Investment Management in 2015.
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