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May 19, 2009
GIC to hold Citi, UBS stakes
By Alvin Foo
THE Government of Singapore Investment Corp (GIC) said on Tuesday that it remains committed to its multi-billion dollar stakes in banking giants Citigroup and UBS, reiterating its position as a 'long-term' investor.
This comes a few days after Temasek Holdings confirmed that it had sold off its entire 3 per cent stake in the Bank of America.
Temasek's sale was done in the first three months of this year, resulting in estimated losses of between US$2.3 billion (S$3.4 billion) and US$4.6 billion.
This move fuelled market speculation that other sovereign wealth funds, such as GIC, may do likewise.
But a GIC spokesman said on Tuesday: 'GIC is a long term investor and will continue with its investments in Citigroup and UBS.'
In its first annual report released last September, GIC stated that it has 'well over US$100 billion' in investments over several asset classes in more than 40 countries. However, the exact value of its portfolio is not publicly known.
According to a ranking of the world's largest funds by California-based Sovereign Wealth Fund Institute, GIC is fifth with an estimated US$247.5 billion worth of assets under management.
In March, it was revealed in Parliament that GIC's overall portfolio had shrunk by about 25 per cent in US dollar terms from the time global markets peaked in October 2007 until the end of last year.
>> Back to the article
May 19, 2009
GIC to hold Citi, UBS stakes
By Alvin Foo
THE Government of Singapore Investment Corp (GIC) said on Tuesday that it remains committed to its multi-billion dollar stakes in banking giants Citigroup and UBS, reiterating its position as a 'long-term' investor.
This comes a few days after Temasek Holdings confirmed that it had sold off its entire 3 per cent stake in the Bank of America.
Temasek's sale was done in the first three months of this year, resulting in estimated losses of between US$2.3 billion (S$3.4 billion) and US$4.6 billion.
This move fuelled market speculation that other sovereign wealth funds, such as GIC, may do likewise.
But a GIC spokesman said on Tuesday: 'GIC is a long term investor and will continue with its investments in Citigroup and UBS.'
In its first annual report released last September, GIC stated that it has 'well over US$100 billion' in investments over several asset classes in more than 40 countries. However, the exact value of its portfolio is not publicly known.
According to a ranking of the world's largest funds by California-based Sovereign Wealth Fund Institute, GIC is fifth with an estimated US$247.5 billion worth of assets under management.
In March, it was revealed in Parliament that GIC's overall portfolio had shrunk by about 25 per cent in US dollar terms from the time global markets peaked in October 2007 until the end of last year.
