Temasek's financial year ends in March and reports are usually made in July–August. Part of the remuneration that GIC and Temasek give also considers long-term performance. The shares traded at about a fifth of the conversion price at the close on Sept. 23, though the 8.7 billion franc unrealized loss is partly offset by 2 billion francs in interest payments in the first two years of its investment. Financial services accounted for 31 percent of holdings, down from 36 percent a year earlier, it said. It included two composite portfolios and volatility statistics to reflect the level of portfolio risk and to offer perspective in reading the 5-year and 10-year figures. [Source: Wikipedia +. By now, it is known that in 2008, Temasek Holdings lost S$58 billion and GIC lost S$59 billion. We are guided by our Temasek Charter, a living document that espouses who we are, and what we do as an active investor and shareholder. “When Bank of America acquired Merrill in January, that stake was converted into 189 million Bank of America shares. Both tied in 1 area: Culture & Values. By achieving these returns, we fulfil our responsibility to preserve and enhance Singapore's foreign reserves. The Thai public had been putting up with his antics, arrogance and questionable decisions for some time. |=|, “The billionaire politician also said that the tax exemption was legal under a long-standing provision for deals done through the Stock Exchange of Thailand. he asked. Sara Webb wrote in the New York Times, “While Temasek is regarded as the Asian standard-bearer among increasingly prominent sovereign funds, its hefty size and government links have helped provoke opposition to investments in nearby Thailand and Indonesia. For the 10-year annualised return, the figures were 6.5 percent and 6.3 percent for the two composite portfolios with volatilities of 11.2 percent and 12.6 percent respectively. The GIC report also said 34 percent of its portfolio was invested in the United States, another 35 percent in Europe and 23 percent in Asia. For example, Temasek’s Net Portfolio Value was $164b in 2007 as compared to $275b in 2017. The fund also held 7 percent of its portfolio in cash as of end-March 2008, it said in the report. Turn cookies on. GIC and Temasek Holdings lost $117 billion in 2008. We recognise that social, environmental and governance factors can impact them as well as the long term sustainability of companies and businesses. In contrast, MAS will have more stable but lower returns over time. Click here to find out more! GIC invested a total of $18 billion in Citigroup and UBS, the Swiss bank, when the duo sought financing in the wake of writedowns on sub-prime mortgages. Temasek Holdings (Private) Limited (abbreviated as Temasek) is a Singaporean holding company, owned by the Government of Singapore.Incorporated on 25 June 1974 as a Commercial Investment Company, Temasek owns and manages a net portfolio of S$306 billion (as of 31 March 2020), with S$26 billion divested and S$32 billion invested during the year, and 66% exposure to Asia – 24% Singapore … Read Also: What The Monetary Authority Of Singapore Does VS What The Ministry Of Finance Does. SWFs exist for many reasons, each to serve its government’s purpose. Banks remained the biggest part of the company’s holdings even as they made up a smaller portion of the portfolio. Temasek struggled to boost its total shareholder return from 4.6 percent in the previous year as Europe’s turmoil and the lackluster U.S. economic recovery roiled markets, said Melvyn Teo, director of BNP Paribas Hedge Fund Centre at the Singapore Management University. Read more at The Business Times. We do not own the funds we manage. GIC and Temasek are under pressure to seek fresh earnings to fill state coffers. Our investment professionals are responsible for implementing the portfolios and translating asset class allocations into actual investments. Protestors burned effigies of Singapore’s prime minister and carried placards saying, “Thailand Not For Sale, Get Out,” and called for a boycott of Singaporean goods. They are able to do so because they are cash rich and can hold on to investment and even invest more in a period of uncertainty, and also because they are run by professional managers. In 2009, it pared its stake to less than 5 percent, realizing a $1.6 billion profit, with another $1.6 billion paper profit on its remaining holding. 8 Housing Estates That Have HDB Flats More Than $1 Million, Best Ways To Use Your SingapoRediscovers Vouchers And How The DollarsAndSense Team Are Spending Theirs. Ding Wei, Temasek's China head, told Reuters it bought into ICBC because the price was "reasonable" and the state investor was positive on the bank and China's long term development. March 4, 2013, Temasek increased its share holdings in Repsol to 6.3 percent. Lee Kuan Yew, the former Singapore prime minister who chairs GIC, said in April 2008 that the fund planned to retain holdings in big western financial institutions such as Citigroup and UBS for up to 30 years. In 2008 Temasek achieved record profits of S$18 billion (US$12 billion), double that of 2007. He also said the size of the sale left his family with little choice but to consider overseas buyers. Within Asia, China anchors the growth, so Temasek is putting money where its mouth is," said Song Seng Wun, an economist at CIMB. “Given the market conditions in the last fiscal year were very choppy, the fact that they increased their assets by a few billion is decent,” said Vasu Menon, vice president for wealth management at Oversea-Chinese Banking Corp. in Singapore. Is First REIT Worth Buying After Its Lease Restructuring? During the subprime mortgage crisis of 2007-2010, however, a number of its investments attracted controversy. “A stake below 5 percent reflects GIC’s goals and desire to be a portfolio investor,” GIC said. 4 Best SGX Stocks In November 2020 [4 Dec 2020] Broadway Ind (SGX: B69); Hi-P (SGX: H17); Alset (SGX: 40V); SembMar (SGX: S51). That penchant for risk-taking came to the fore this week with Temasek's unexpected £2.1 billion, or $4.34 billion, investment in Barclays, the U.K. bank that is locked in an increasingly costly bidding war for ABN AMRO in what would be the world's biggest bank takeover. [Source: Netty Ismail, Bloomberg, September 26, 2011 /=\], “The sovereign wealth funds’ investments in international financial firms have not panned out as well as they hoped,” said Melvyn Teo, professor of finance at Singapore Management University. /=\, “The losses prompted calls for more transparency, and GIC said on Sept. 19 in response to a Today newspaper reader that “the timing for the investment could have been better.” The opposition Workers’ Party proposed this year that GIC’s annual reports should reflect its yearly performance. We manage these funds on behalf of the Government of Singapore, our client. WeChat ID: temasek_digital. /=\, GIC “expressed disappointment and concern about the lapses and urged UBS to take firm action to restore confidence,” the bank said in a Sept. 20 statement after its senior management met in Singapore with Oswald Gruebel, who quit four days later as CEO of UBS. A Temasek logo is seen at the annual Temasek Review in … The second largest sovereign wealth in the world after the one in Abu Dhabi, it was incorporated under the Singapore Companies Act and is wholly owned by the Government of Singapore. The management of the complex, Tishman Speyer Properties and BlackRock Realty, defaulted on their loan in 2010, effectively wiping out the investment. ^|^, The funds managed by GIC are owned by the Singapore Government. GIC’s profitable disposal of part of its holding in Citigroup contrasts sharply with significant losses incurred on sales of stakes in western financial groups by Temasek, the Singaporean state investment company that invests returns from state-owned assets.Temasek was estimated by analysts to have incurred a loss of between $2.3bn and $4.6bn on the sale of a 3.8 percent holding in Bank of America, … I applied online. Its investment returns supplement the country’s annual budget in areas such as education, R&D, health care and physical environment. This equates to approximately $210,000 per shareholder, or basically Singaporean citizen. GIC manages risk by investing in a well-diversified portfolio, with a balanced distribution of asset classes and their underlying business sectors and geographies. The SWFs of China or Norway may serve entirely different purposes to Singapore’s. The sale ends the Shinawatra family's association with Shin, the sprawling telecoms-based conglomerate founded by Mr Thaksin and his wife Pojamarn Damapong 22 years ago. "How many people are like that in this world? It also holds investments in public icons like the Singapore Zoo and Singapore Pools, the only legal betting company in Singapore. It’s the lender’s single-biggest investor, while 18 funds managed by State Street Corp. hold a combined 4.1 percent, according to data compiled by Bloomberg. [Source: Temasek website ], According to Temasek’s website: As a long term investor, we have a stake in the lives and well-being of our community. Temasek means “sea town” in Malay. Temasek was estimated by analysts to have incurred a loss of between $2.3 billion and $4.6 billion on the sale of a 3.8 percent holding in Bank of America. Temasek's portfolio grew to S$185 billion (US$134 billion), an increase of 13 percent from the previous year, including a rare S$10 billion injection by the Singapore government. Ltd for investing in the liquefied natural gas (LNG) industry. +, The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. The huge loss attracted unusual public criticism in Singapore. GIC specifically had the mandate to invest government financial reserves OUTSIDE of Singapore so as to provide financial stability. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management. While Lee took up a variety of cabinet positions, Ho moved to state-owned Singapore Technologies in 1987, running a mix of defense, technology, property and stock brokerages that she restructured, divesting some units and listing others. Temasek had spent about $5.9 billion since 2007 buying shares in Merrill Lynch & Co., acquired by Bank of America in January 2009 1 after its stock slid 78 percent in 2008. Our investment strategy is one of integrated diversity. Temasek, on the other hand, is a development fund that invests in homegrown companies to stimulate the local … We have established a framework that sets the accountability and responsibility for risk-taking to ensure we maximise our client's returns. In total, they lost $117 billion. In the previous year, the company sold S$9 billion of its holdings, it said. Creating A Portfolio Like Temasek Holdings, What The Monetary Authority Of Singapore Does VS What The Ministry Of Finance Does, MoneyMax, ValueMax, Maxi-Cash – 5 Things You Need To Know Before Pawning Your Jewellery And Gold At Pawnshops, 6 Ways You Can (Legally) Reduce Your Income Tax For YA 2021. Simon Israel, a former Temasek executive director and president, retired from his executive and board roles in July 2011, while former President Hsieh Fu Hua stepped down in October. Temasek’s Performance and Activities in the 2010s. Even her age is considered off limits. Shares in both banks fell heavily in subsequent months, prompting criticisms of GIC’s investment timing. ^+^, Temasek Spends More on Investments, Adds Energy Holdings, In July 2012, Temasek said it spent the most on new holdings in four years as it added more energy and resources producers to its portfolio.Joyce Koh & Sanat Vallikappen of Bloomberg wrote: “The company said it made S$22 billion ($17 billion) of investments in the year to March 31, boosting assets to a record S$198 billion. Its investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments). But she has taken a strictly professional approach. You can’t fault them now. At that time, it described the purchase as a long-term investment. ... and Temasek … 1 spot. In 2013, Temasek Holdings setup a new company Pavilion Energy Pte. Told Bloomberg. Learn more about each company and apply to jobs near you. In 2008, GIC invested US$6.88bn for a 9 percent stake in Citigroup. Temasek's deal also comes at a time when Shin's crown jewel Advanced Info Service (AIS), the telecoms business, is grappling with regulatory inertia in granting the sought-after 3G cellular licences that may significantly boost its flagging bottom line, they note. Concern has erupted on two fronts -- with critics attacking the fact that the PM's family is escaping capital gains tax on the US$1.9 billion it netted from the sale and that the huge firm with sizeable interests in telecoms, satellites, media and aviation has been sold to foreigners. It invested S$2 billion in FTS International, a U.S. shale energy production service provider which it has a 40 percent stake in, and S$1.3 billion in Some central banks have even begun buying equities, or derivatives of differing ilk (even if fairly safe ones, like overnight interest rate swaps). It may invite external institutions to co-invest in 3–5 years and the public in 8–10 years. Holdings in Asia excluding Singapore fell to 42 percent of its portfolio from 45 percent a year earlier, the company said in the report. Rather than prop up zombies, she has not been afraid to let operations fail. Most SWFs are funded by foreign exchange assets. \*\, “Some in the financial community warn that Temasek's strategy of buying big chunks of companies exposes it to potentially deep losses if markets turn. This represents an average total shareholder return of 18 percent year-on-year since 1974. \*\. In July 2010, Temasek reported a 42 percent full recovery of its portfolio to S$186 billion (US$134 billion ), but net profit fell 26 percent to S$4.6 billion. These compare against a 5-year annualised return of 5.3 percent and 4.9 percent before fees for the two composite portfolios, which also had higher volatilities of 13.4 percent and 15 percent respectively. We are ranked among the world's top 10 real estate investment firms in terms of assets under management. The deal was configured such a way that Thaksin didn’t have to pay any tax on his gains. In overall performance, Temasek has kept pace with benchmarks such as the Straits Times Index and MSCI indices. “I suspect they’re telling themselves they should have focused on Asian investments, particularly China. Firstly, we’d be suffering great financial losses if we were forcibly selling assets, but we have to understand the roles SWFs play, and in particular Temasek and GIC. [Source: Kevin Brown, Financial Times, September 22, 2009]. This included a 1.4 percent stake sale in ICICI Bank. /=\. Government of Singapore Investment Corporation (GIC) founded in 1981 to manage Singapore’s growing foreign reserves. Such investment management entities may be set up as official investment companies, state pension funds, or sovereign oil funds, among others. The latest stake purchase comes after Temasek, which manages about $150 billion in assets, raised about $800 million since the start of the year in three significant selldowns in its portfolio companies. Think you’d do a better job managing your money? Text Sources: New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, Singapore Tourism Board, Compton’s Encyclopedia, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Time, Newsweek, Reuters, AP, AFP, Wall Street Journal, The Atlantic Monthly, The Economist, Foreign Policy, Wikipedia, BBC, CNN, and various books, websites and other publications. Section 107, the material on this site is distributed without profit. This falls under Temasek’s bigger brother, GIC (Government Investment Corporation). Temasek is a trusted steward. En 中文 This site uses cookies. I interviewed at Temasek (New York, NY) in September 2018. The reserves provide a stream of income that can be spent or invested for the benefit of present and future generations. In 2008, Reuters reported: “GIC has recently been active along with other highly-secretive sovereign wealth funds in Asia and the Middle East in buying stakes in Western banks such as Citigroup and UBS (UBSN. GIC’s goal as a savings fund is to strengthen government purchasing power and cash reserves, while investing outside of Singapore. Total shareholder return narrowed from 4.6 percent in the previous year. But Mr Thaksin rebuffed the criticism, noting that the management of Shin would remain Thai: "It's globalisation. The policy portfolio is based on our client's time horizon of 20 years and risk tolerance. “We believe that energy and resources will continue to be a growth segment, and has got great long-term potential,” said Chia. “Ho began her career at the Ministry of Defense, where she met her husband, Lee Hsien Loong, the eldest son of former Prime Minister Lee Kuan Yew. Anshuman Daga, Joe Brock. “We continue to look at opportunities, the values, in this space and invest in them accordingly.” ^+^, “Divestments totaled S$15 billion, the most in three years, including shares of Avago Technologies Ltd. (AVGO), PT Chandra Asri Petrochemical, Hutchison Port Holdings Trust, ICICI Bank Ltd. (ICICIBC) and Kaisa Group Holdings Ltd. (1638), it said. [Source: Wikipedia +], In late 2007, during the first phase of the crisis, GIC invested $11 billion Swiss francs for a 7.9 percent stake in the Swiss bank UBS. Total Shareholder Return (TSR) measures returns to our shareholder as if it held our portfolio directly. Standard & Poor's assigned Temasek Holdings a AAA credit rating for "the best companies". However, the question of whether it is managed as well as it could be is a valid one. Both Japan and South Korea have just announced that they too are considering "Temasek-like entities." GIC comprises three separate entities: GIC Real Estate, GIC Asset Management and GIC Special Investments. Temasek is a forward looking institution. Temasek is exposed to significantly higher risk than GIC and MAS but has also delivered higher returns over time as expected. Since inception, we have committed over S$1 billion for community, philanthropic and public good causes. Transport and industrial companies were 21 percent of assets, and those in technology and telecommunications made up 24 percent. 2. We strive for the advancement of our communities across generations. Gregory Curl, once a candidate for CEO of Bank of America Corp. (BAC), is its fourth president. The Temasek Charter: Temasek is an active investor and shareholder. GIC's total portfolio has fully recovered to its value prior to the global financial crisis. The 2004 report states that Temasek manages S$90 billion in assets. As of March 2010, total investments within Asia increased from 74 percent to 78 percent, OECD dipped from 22 percent to 20 percent. Chen quit as the head of New York law firm Davis Polk & Wardwell LLP’s Beijing office in July after winning a seat in the May elections. Tan was sworn in as Singapore’s seventh president on September 2011. “GIC should be able to, as long-term investors, take short-term hits,” said Victoria Barbary, senior analyst at the Monitor Group in London. Location Average Salary Salary Comparison Full Access; UK: … Thais are also investing in other countries." [Source: Wikipedia]. THE pay packages of the top brass at sovereign wealth fund GIC and state investment firm Temasek Holdings are based on performance and industry benchmarks, Second Finance Minister Lawrence Wong said in Parliament on Wednesday. It remains biggest shareholder of six of the 10 biggest Singapore companies by market value. Ho Ching, the former head of Temasek and the wife of current prime minister Lee Hsien Loong was voted by Forbes as the world’s third most powerful woman. Its chief executive officer, Ho Ching, on the other hand is the wife of the current prime minister, Lee Hsien Loong, and the prime minister is also the chairman of GIC. Temasek has also established a presence on digital platforms Twitter, Facebook, Instagram, LinkedIn, and Youtube to reach out and further engage the public. And as such, most people sit quietly when things are looking good, and complain when they lose value at their year ends. The investment firm bought a 14 percent stake in Merrill in stages starting from December 2007, paying $5.9 billion in total. And because of the losses, Temasek Holding’s portfolio shrank by 31% and GIC’s portfolio shrank by 25%. Read Also: Creating A Portfolio Like Temasek Holdings. Thaksin said, “The sale is mainly because my children want me to dedicate my efforts towards work without any concerns on conflict of interest.” The same day the deal was announced, a law came into effect that raised the limit on overseas ownership in Thailand’s telecom companies to 49 percent from 25 percent. Sovereign wealth funds invest globally. It also follows longstanding allegations of a conflict of interest between his political career and business empire. Total shareholder return, which includes changes in asset values and dividends, gained 1.5 percent in a year when market volatility reached the highest level since the 2008-2009 crisis, while the MSCI World Index (MXWO) lost 1.7 percent. GIC’s profitable disposal of part of its holding in Citigroup contrasts sharply with significant losses incurred on sales of stakes in western financial groups by Temasek, the Singaporean state investment company that invests returns from state-owned assets.Temasek was estimated by analysts to have incurred a loss of between $2.3bn and $4.6bn on the sale of a 3.8 percent holding in Bank of America, which attracted unusual public criticism in Singapore. Environmental, Social, and Governance (ESG) Investing In Bonds: Is It Taking Off And Paying Off? Critics claimed insider trading took place and complained that national assets—including communications satellites—were sold to a foreign government. GIC has returned 6.1% (in terms of US$) per annum over the last 20 years. Our three-year and 10-year TSRs were 15 percent and 10 percent respectively, while our 20-year and 30-year TSRs were 15 percent and 15 percent respectively. In 2008, The Economist reported that Morgan Stanley had estimated the fund's assets at US$330 billion, making it the world's third largest sovereign wealth fund. Questions or comments, e-mail ajhays98@yahoo.com, Singapore - Government, Infrastructure, Economics. Temasek Holdings Pte’s biggest equity shareholdings and those of its subsidiaries have plunged almost $24 billion since January as the spreading coronavirus sends markets into spasms. The Temasek-led $3.8 billion investment last year in the Thai telecom firm Shin, which was owned by former Prime Minister Thaksin Shinawatra, has lost about one third of its stock market value. GIC has an estimated worth of $247.5 billion and achieved a return of 9.5 percent between 1982 and 2007. We act with integrity and are committed to the pursuit of excellence. We respond quickly to investment opportunities around the world with our specialists who are on the ground at our various offices, getting a good pulse of the markets. GIC has returned 6.1% (in terms of US$) per annum over the last 20 years. GIC Investments scored higher in 3 areas: Work-life balance, CEO Approval and Positive Business Outlook. GIC, Temasek set for muted returns on impact of trade war, slower growth. In 2011 when UBS stock plummeted in part because of financial scandals and unwise investment, GIC faces losses of $7.4 billion if it sold the stock was when it bottomed out. "You just can't become George Soros or Warren Buffett overnight." Revealing the exact amount would expose the full size of Singapore's financial reserves and make it easier for speculators to attack the Singapore dollar during periods of vulnerability. GIC, Temasek help drive corporate purchases by sovereign funds to $34b in third quarter. Its 2003 profit was S$241 million on revenues of S$49.65 billion in the previous financial year, while its 2002 profit was S$4.92 billion on revenues of S$42.56 billion. How Much Can You Save When You Buy An Off-Peak Car? Temasek now has a 1.3 percent stake in ICBC, a Temasek spokesman said. [Source: Michael Flaherty and Saeed Azhar, Reuters, April 16, 2012 |~|], "Temasek has laid out its strategy before on where it thinks growth is. She drove the expansion outside Singapore and increased financial assets to 40 percent of the company’s portfolio. [Source: Joyce Koh & Sanat Vallikappen, Bloomberg, July 5, 2012 ^+^], “The company named Lee Theng Kiat, head of its Singapore Technologies Telemedia Pte unit, as president and general counsel on April 1, 2012. In accordance with Title 17 U.S.C. Also in 2010, SingBridge International was established to develop integrated townships and large-scale projects in Asia. Investments in Australia and New Zealand made up 14 percent of Temasek’s assets from 12 percent a year earlier. \*\, “When Ho, an engineer by training, joined Temasek, she quickly brought in a host of deal-makers to scour Asia for targets and began to publish an annual review of the firm's performance. [Source: Reuters, September 23, 2008], Starting 2011, GIC also published the 5-year and 10-year nominal rates of return to provide a sense of the on-going medium-term investment performance, even while GIC maintains its sights on the long term. As of 2004, Temasek owned stakes in many large foreign companies, including Standard Chartered, Bank of China, China Construction Bank, ICICI Bank, Global Crossing, as well as many of Singapore's largest companies, such as SingTel, DBS Bank, Singapore Airlines, PSA International, SMRT Corporation, Singapore Power, Neptune Orient Lines and Mediacorp. [Source: Costas Paris, Wall Street Journal, May 18, 2009 ]. In addition, they try to spearhead benchmark standards of corporate governance and sustainability and CSR activities in the companies they invest in to solidify their position and also bolster Singapore’s reputation as a test-bed, and hub, for new technology, ideas, and innovation. The state investor said 44 percent of its portfolio was in listed shares, 26 percent in fixed income and 23 in alternative investments such as real estate and hedge funds. From 2002 to 2009, Prime Minister Lee Hsien Loong’s wife, Ho Ching, was the senior executive at Temasek. [Source: Chen Shiyin, Bloomberg, May 15, 2009 /^/], “The belief now is that the world is not so American-centric anymore,” said Melvyn Teo, associate professor of finance at the Singapore Management University. Top GIC Salaries - By Location . But it still retained its No. ^|^, According to the GIC website: “In keeping with our prudent approach to investing with a long-term horizon, we make identifying and managing risk a clear and integral part of management responsibility at all levels. We are increasingly more confident of Asia’s future.” /^/, In April 2012, Temasek bought $2.3 billion worth of Hong-Kong-listed shares of Industrial and Commercial Bank of China (ICBC), the largest bank in the world by total assets and market, from seller Goldman Sachs. ^+^. Supported by 11 affiliates and offices in Asia and Latin America, it came into existence after the Singaporean government bought stakes in several businesses and these stakes were consolidated by the Finance Ministry into what is now known as Temasek. Interview. SWFs could act as economic weapons, economic stabilizers, economic builders or have other purposes. Temasek is an investment company based in Singapore fully owned by Singapore's Ministry of Finance. The downside to our SWFs, besides not being flushed with cash, is that Singaporeans, even after looking through websites and reports, still mostly have no idea what Temasek Holdings and GIC do with the country’s money. Of this, S$500 million was endowed to the Temasek Trust in May 2007 for Temasek Foundation, and another S$100 million in 2009 for Temasek Cares. The deal for ICBC takes Temasek deeper into China's banking industry, which has grown from insolvency six years ago to a sector that holds four of the world's top ten banks by market value. [Source: Wikipedia +], Traditionally, GIC has kept a low profile in its investments, for a long time saying only it managed assets of “more than $100 billion. Better job managing Your money mainly in Singapore pace with benchmarks such as the Straits Times Index and MSCI.... Was boosted by asset sales of s $ 10 billion New investments were made over the,. 20 percent of temasek’s assets from 12 percent a year earlier, it hired Cryan... 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In Bonds: is it Taking Off and Paying Off 8–10 years ends in March and reports are usually in! 4.6 percent in UBS, the European sovereign debt crisis and asset bubbles in Economies! Resource-Scarce Singapore, Asia and growth markets took place and complained that assets—including... Different purposes to Singapore ’ s an instant deal breaker, that stake was converted into 189 Bank... Percent over a three- year period, and 10 percent over a three- year period, and got! Have raised about $ 90 billion foreign reserves to approximately $ 210,000 per shareholder, or basically Singaporean.. 8€“10 years a well-diversified portfolio, with a balanced distribution of asset classes and underlying! Santiago Principles, a low-cost airline and the television station iTV gic ’ s hands “a stake below percent! S an instant deal breaker, that stake was converted into 189 million Bank of America stock in German. 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