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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

UBS stake may be worth 70 pct less as GIC converts

Posted on 12 February 2010

From Abcnews: Singapore sovereign wealth fund GIC will convert 11 billion Swiss francs ($10.33 billion) worth of UBS notes into shares next month at a price that may erode the value of its stake in the Swiss bank by 70 percent.

The Government of Singapore Investment Corp (GIC), which manages over $200 billion in assets, was one of the first sovereign funds to pump billions into Western banks, which were rocked by the financial crisis and suffered deep losses………………………………….Full Article: Source

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