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Government of Singapore Investment Corp (GIC), the world’s fourth largest sovereign wealth fund, on Monday indicated it had further reduced its exposure to Europe to about a quarter of its portfolio.
‘GIC has roughly a quarter of its investments in Europe, and a significant share of that is in UK-based entities,’ GIC executive director Tony Tan said at a conference in London.
The Singapore fund, which is believed to have more than $200 billion in assets, held 29 percent of its portfolio in Europe as at end-March 2009, down from 35 percent a year earlier.