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Sovereign Wealth Funds Briefing - Categorized | Performance

Singapore’s wealth fund GIC loses $5.1 bln in UBS investment news

Posted on 09 March 2010

From Domain-b.com: The Government of Singapore Investment Corporation (GIC), Singapore’s sovereign wealth fund has incurred a paper loss of $5.1 billion on its investment in Swiss bank UBS AG after it converted the bank’s notes into ordinary shares on Friday.
In a filing made to the US Securities and Exchange Commission early last month, GIC the world’s fourth-largest sovereign fund that manages more than $100 billion of Singapore’s foreign exchange reserves, said that it would exchange on 5 March the mandatory convertible notes for 230.7 million ordinary UBS shares, making it the single largest shareholder in the Basel and Zürich-based UBS……………………………………….Full Article: Source

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