Bloomberg.com, 23 Sep 2008, Chen Shiyin and Shamim Adam
Sept. 23 (Bloomberg) -- Government of Singapore Investment Corp., overseeing more than $100 billion of reserves, is turning to emerging markets and private equity to boost returns after cutting back stocks and investments in developed nations.
The fund, known as GIC, raised holdings of natural resources and hedge funds, and cut bonds to a quarter of its portfolio from more than three quarters 25 years ago, it said. Stock sales since mid-2007 enabled it to spend $18 billion on stakes in UBS AG and Citigroup Inc. in the past year.
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