Singapore’s GIC will be cautious, take few risks

June 9, 2009
Singapore Democrats

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Reuters

The chairman of the Government of Singapore Investment Corp (GIC), the city-state’s biggest sovereign wealth fund, said on Monday the fund will be cautious and take few risks.

His comments came after the country’s other sovereign fund Temasek saw big losses on its investments in Western banks.

“GIC will be cautious, low risk,” said Lee Kuan Yew in a discussion at an aviation meeting in Malaysia.

Temasek’s new American chief Chip Goodyear would, however, “seize opportunities”, said Lee, Singapore’s former prime minister and the father of current prime minister Lee Hsien Loong.

http://in.reuters.com/article/fundsNews/idINSGC00117420090608