Singapore wealth fund loses steam

BBC News, 10 Feb 2009

The value of Singaporean sovereign wealth fund Temasek Holdings contracted last year as the economic downturn dented the value of its investments.

Temasek said its portfolio had shrunk 31% to 127 billion Singapore dollars (£57.2bn; $84.7bn) in November 2008, down from S$185bn at the end of March.

The value of Temasek's investments in banks such as Merrill Lynch has declined due to the credit crunch.

Temasek bought 9% of Merrill Lynch in 2007 before its shares were delisted.

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