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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Singapore GIC disappointed with UBS rogue trading loss

Posted on 21 September 2011

In a rare public reprimand by Government of Singapore Investment Corp., the Singapore sovereign wealth funds said Tuesday it was disappointed with Swiss bank UBS AG’s trading lapses, which resulted in US$2.3 billion of losses.
GIC, the Swiss bank’s largest shareholder with a 6.6% stake, said it met the senior management and UBS Group Chief Executive Oswald Gruebel Tuesday. GIC acquired a 9% stake in the Swiss bank for about 11 billion Swiss francs ($12.40 billion) through the purchase of two-year convertible bonds in 2007, which was subsequently reduced to its current level after the bonds were converted into equity early last year……………………………………….Full Article: Source


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