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’Assets drop 20% at Singapore’s GIC
Government of Singapore Investment Corp’s assets fell more than 20 per cent in the year to March 31 as the collapse in financial markets drove down the value of its stake in UBS, reports Bloomberg. GIC,
GIC makes $1.6bn from Citi stake sale
Singapore’s sovereign wealth fund has pocketed a $1.6bn profit after selling half of the 9% stake in Citigroup it acquired during this year’s US-government led refinancing of the troubled bank. In an unexpected announcement on Tuesday,
GIC takes $400m stake in AEI
Government of Singapore Investment Corp has bought an 11% stake in US-based energy infrastructure company AEI for $400m, reports Reuters. GIC Special Investments, the Singapore fund’s private equity arm,
Singapore’s SWF sees role in western banks
The Government of Singapore Investment Corp (GIC) plans to retain holdings in big western financial institutions such as UBS and Citigroup for up to 30 years and is looking for further investment opportunities in the sector,
Temasek, unfazed, adds to Merrill stake
Temasek Holdings, the Singapore state investment company, said Tuesday it had invested an additional $600m in Merrill Lynch in February, despite a paper loss on its earlier $4.4bn investment in Merrill last year.
SWF pledges greater transparency
Singapore sovereign wealth fund GIC has promised greater disclosure about its activities, amid mounting concerns about the secretive fund’s influence after $16bn of high-profile investments in UBS and Citigroup.
UBS boggles – $10bn of writedowns, $17bn in emergency capital
Where, oh where does this leave UBS?
The Swiss bank announced it was adding $10bn in writedowns on its subprime debt this Q4, with massive emergency capital issues to boot. You can view the statement here.
Japan property draws Morgan Stanley fund – and others
Morgan Stanley is close to completing fundraising for an $8bn real estate investment fund, the largest of its real estate funds to date, highlighting continuing strong appetite among institutional investors for global property assets.
Singapore agency chosen for Merrill’s London HQ as banks sell off
GIC, the investment arm of the Singapore government, has been chosen as preferred bidder for the £600m London headquarters of Merrill Lynch near St Paul’s Cathedral. Although the US investment bank refused to comment,