<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>March 10, 2009, 1.02 pm (Singapore time)
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Forced selling by investors seen in next 12-18 mths: GIC
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SINGAPORE - A Government of Singapore Investment Corp (GIC) official said on Tuesday he expects more forced selling of assets by investors in the next 12-18 months as the 'de-leveraging' in financial markets continues.
GIC also sees investment-grade corporate bonds as more attractive than equities currently, the fund's director of economics and strategy Yeoh Lam Keong, told the Investment Management Association of Singapore conference.
'This is a very destructive process for assets,' Mr Yeoh said, showing a slide that indicated total write downs in the financial sector could reach US$3.8 trillion by 2013 and that only about 30 per cent of the losses had been booked so far.
GIC, one of the world's largest sovereign funds with an estimated US$200 billion-plus in assets, had invested aggressively in troubled international lenders, picking up multi-billion-dollar stakes in Citigroup and UBS. -- REUTERS
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Forced selling by investors seen in next 12-18 mths: GIC
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>SINGAPORE - A Government of Singapore Investment Corp (GIC) official said on Tuesday he expects more forced selling of assets by investors in the next 12-18 months as the 'de-leveraging' in financial markets continues.
GIC also sees investment-grade corporate bonds as more attractive than equities currently, the fund's director of economics and strategy Yeoh Lam Keong, told the Investment Management Association of Singapore conference.
'This is a very destructive process for assets,' Mr Yeoh said, showing a slide that indicated total write downs in the financial sector could reach US$3.8 trillion by 2013 and that only about 30 per cent of the losses had been booked so far.
GIC, one of the world's largest sovereign funds with an estimated US$200 billion-plus in assets, had invested aggressively in troubled international lenders, picking up multi-billion-dollar stakes in Citigroup and UBS. -- REUTERS
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