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Home >> Daily News >>Singapore>>Economy>>Singapore sovereign fund GIC says it pared UBS stake at a loss
Singapore sovereign fund GIC says it pared UBS stake at a loss Singapore sovereign wealth fund GIC Pte Ltd, which invested in UBS to support it during the 2008/09 global financial crisis, said it has cut its stake in the bank at a loss, partly because of changes in the lender's strategy and business. GIC, which manages more than US$100 billion globally, said it has reduced its stake to 2.7 per cent from 5.1 per cent. "GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS’ strategy and business," Lim Chow Kiat, chief executive of GIC, said in a statement issued on Monday. The fund said, however, that its investment in US bank Citigroup Inc, also made at the height of the global financial crisis, was in the black and that combined returns for UBS and Citi were positive. UBS, the world's biggest wealth manager, said separately on Monday GIC intended to place up to 93 million existing shares in UBS Group through a sale to institutional investors.
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