Forbes.com, 23 Mar 2009, Reuters
SINGAPORE, March 23 (Reuters) - Singapore's Finance Minister Tharman Shanmugaratnam said on Monday the expected rate of return for the investment of Singapore's reserves over the next 20 years would be lower than in the past two decades.
Singapore's GIC, one of the world's largest sovereign wealth funds that was set up to manage the country's foreign reserves, managed an average return of 7.8 percent annually in U.S. dollar terms over the past 20 years, it said in its first performance report last September.
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