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| Type | Sovereign wealth fund |
|---|---|
| Founded | 22 May 1981 |
| Headquarters | Singapore |
| Key people | Lee Kuan Yew, Chairman Lee Hsien Loong, Vice-Chairman Tony Tan Keng Yam, Executive Director Lim Siong Guan, Group Managing Director |
| Industry | Investment services |
| Products | N/A |
| Revenue | N/A |
| Website | www.gic.com.sg |
The Government of Singapore Investment Corporation Private Limited (GIC) is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves. With a network of eight offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, money-market instruments, real estate and special investments.
GIC's investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments). In 2008, The Economist reported that Morgan Stanley had estimated the fund's assets at US$330 billion[1], making it the world's third largest sovereign wealth fund.[2]
Wall Street Journal reported that GIC suffered a loss of around 59 billion Singapore dollars in the fiscal year ended March 31, 2009, and its portfolio currently stands at around S$265 billion after drops in equity investments and property valuations.[3]
References
- ^ "Asset-backed insecurity". The Economist. 2008-01-17. http://www.economist.com/finance/displaystory.cfm?story_id=10533428.
- ^ "Sovereign Wealth Funds: Shrek or White Knight?". The Economic Observer. 2008-02-27. http://www.eeo.com.cn/ens/feature/2008/02/27/92907.html..
- ^ "Singapore's GIC Suffers $41.6 Billion Loss". Wall Street Journal. 2009-09-30. http://online.wsj.com/article/SB125418236117447877.html.
External links
- Government of Singapore Investment Corporation
- Addsense Singapore Company Encyclopedia - GIC A detailed summary of assets acquired by GIC from 2000-2008
- GLCWatch Website providing information on Government Linked Companies
- Financial Times interview with Tony Tan, GIC deputy chairman and executive director
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
