Singapore’s main sovereign wealth fund will on Friday incur an unrealised loss of about SFr5.5bn ($5bn) on an SFr10.97bn investment in UBS, the Swiss bank that was rescued by a group of international institutions during the credit crisis.The Government of Singapore Investment Corp, which manages assets of more than $300bn, declined to comment on the paper loss, but has previously said it plans to hold on to the shares.
GIC rarely comments on its investment activities, but Lee Kuan Yew, the former Singapore prime minister who chairs the fund, has said that it plans to hold the stock for “two or three decades”. Full Story
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