Wealth-bullentin.com, 23 Sep 2008, Lauren Willington and Matt Turner
The Government of Singapore Investment Corporation, which has lost almost 60% on its in investment in UBS since December, has decided to switch its investment focus from financial companies to emerging market and private equity.
Chief investment officer Ng Kok Song, speaking at a news conference to unveil the fund's first annual report, said: "The powerful trend of disinflation that propelled the global capital markets over 25 years seems to have ended." The fund, which is chaired by the former Singapore prime minister Lee Kuan Yew, said annual returns in the past 20 years averaged 7.8% in US dollar terms, compared with 7% for the MSCI World Index. However, after the 1997 Asian financial crisis, the 2001 dot com slump and the credit crunch of this year, the fund is now looking for a more secure longer-term investment performance.
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