More on sovereign wealth funds
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Tony Tan Keng Yam, GIC: usually takes small stakes |
You will have heard Singapore referred to as the Switzerland of Asia. There’s the emphasis on private banking; the willingness to protect the privacy of the client; even the whole gleaming cleanliness of the place. But now Singapore has overhauled the comparison, and perhaps changed its direction, by becoming the biggest shareholder in Switzerland’s most powerful bank. The Government of Singapore Investment Corporation, known as GIC, is one of two large sovereign wealth funds that invest on behalf of the Singapore state, the other being Temasek.
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