CNNMoney.com, 26 Aug 2008
SINGAPORE -(Dow Jones)- A senior managing director at the Singapore state- owned investment fund that is Merrill Lynch & Co.'s (MER) biggest shareholder expressed confidence in the Wall Street bank's management under Chief Executive John Thain, at a time when the fund continues its hunt for investments outside of Asia.
The vote of support from Temasek Holdings Pte. Ltd. (TEMAH.YY) came as the Singapore wealth fund, which manages a portfolio of more than US$134 billion, said its net profit doubled to 18.2 billion Singapore dollars (US$12.86 billion) for the year ended March 31, boosted by the sale of select Asian holdings.
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