GIC says 'good' investments helped offset losses on UBS stake

Government of Singapore Investment Corp., the biggest investor in UBS AG, said it has offset losses from its stake in the investment bank prior to the onset of the 2008 financial crisis with other holdings.

 

The city-state’s sovereign wealth fund, which manages more than US$100 billion ($126 billion), said in an e-mailed statement its total portfolio has fully recovered in value since the financial crisis. The fund was responding to a letter to the Today newspaper that it needs to disclose more on its investment.