ManagementSingapore's GIC signals shift to Asia after global downturn
Singapore sovereign wealth fund GIC today signalled it would shift its focus to Asia after its portfolio shed more than 20 per cent following heavy losses on Western investments.
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In exclusive remarks to Singapore media, deputy chairman and executive director Tony Tan Tan said, "it"s likely that there"ll be more growth opportunities in Asia as compared to the developed world."
"One would expect that over time, GIC would have more investments in Asia, but we"ve no prescribed limit," the Straits Times daily quoted him as saying.
GIC declined to comment on a Dow Jones Newswires report that it suffered a loss of around 59 billion Singapore dollars ($41.8 billion) during the year, and that its portfolio now stands at around $265 billion .
The Government of Singapore Investment Corp (GIC) is one of Singapore"s two state investment vehicles together with Temasek Holdings and its aim is to preserve and enhance foreign reserves. Both firms rank among the world"s largest sovereign wealth funds.
As of March, Asia accounted for 24 per cent of GIC"s portfolio while the US market took up 38 per cent and Europe"s share stood at 29 per cent, the report said. The remaining nine per cent was in Australia and other economies.
The GIC has traditionally kept sensitive details of its overall portfolio confidential. Its annual report says that the fund invests "well over" $100 billion worldwide.