Sovereign wealth fund GIC moves additional assets to emerging markets
July 27, 2011, 11:26 pm TWN
SINGAPORE -- Singapore sovereign wealth fund GIC has shifted more assets to emerging markets amid uncertainly over the recovery of the US and European economies, its annual report said Tuesday. The Government of Singapore Investment Corporation (GIC) disclosed the shift as it reported a steady 7.2 percent rate of return on investments in the year to March, from 7.1 percent a year ago, on a nominal 20-year annualized basis.
GIC, which manages the republic's reserves, cautioned that global financial markets still faced significant challenges including the pace of recovery in the world's major economies from the 2008 financial crisis. "Although the global financial crisis is now behind us, we still face challenges in the economic and investment environment," said Ng Kok Song, GIC's group chief investment officer.