FACTBOX-Singapore's sovereign wealth funds

lunes 21 de abril de 2008 09:12 CEST

April 21 (Reuters) - The Government of Singapore Investment Corp (GIC) said a global financial crisis and recession was increasingly likely but that its investments in Western banks were long-term in nature. [ID:SP31328].

GIC invested 11 billion Swiss francs ($11 billion) in mandatory convertible notes in UBS last December, after the bank's U.S. housing crisis losses. In January, GIC invested $6.88 billion in Citigroup.

Here are some facts on Singapore's GIC and its sister agency Temasek [TEM.UL], which also has significant holdings in Western financial institutions.


* GIC invests more than $100 billion of Singapore's foreign reserves abroad. It handles three quarters of its portfolio internally and outsources the rest to external fund managers.

* Morgan Stanley said in February GIC was the world's third-largest sovereign wealth fund with $330 billion in assets under management, behind the Abu Dhabi Investment Authority with $875 billion and Norway's Government Pension Fund with $380 billion.

* GIC is one of the 10 biggest property investors in the world, and owns Merrill Lynch's MER.N London office and Westin Paris. Its other holdings range from those in Indian financial firms such as ICICI Bank (ICBK.BO: Cotización) to Budapest airport.

* Lee Kuan Yew, Singapore's first prime minister, is the chairman of GIC's board of directors. His son, Prime Minister Lee Hsien Loong, is deputy chairman. GIC was set up in 1981 with assets of under S$10 billion ($6.6 billion).

* Lee Kuan Yew revealed in 2006 that the fund had earned an average return of 9.5 percent annually over the last 25 years in U.S. dollar terms. In Singapore dollar terms, GIC's average annual rate of return was 8.2 percent, he said.   Continuación...