The faith of Government of Singapore Investment Corp Pte Ltd, the bigger of the city-state's two sovereign wealth funds, in UBS's departed CEO underscores the complexity of Gruebel's resignation and reveals the extent to which a variety of internal and external factors, including political pressure, played a role in his exit.
GIC's support of Gruebel until the very end also shows that while his leaving may have satisfied some shareholders, it hardly reassured the Singapore fund, which owns 6.4 percent of the bank.
"GIC believed he had good plans," said the source, who added that GIC was concerned about what the leadership changes would do to the bank's future strategy. Full story
