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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market, People

GIC ‘not consulted in UBS management change’

Posted on 26 September 2011

The Government of Singapore Investment Corporation (GIC) - UBS’ biggest shareholder - repeatedly expressed confidence in the bank’s former CEO Oswald Gruebel, Swiss newspaper NZZ am Sonntag reported, citing an interview with UBS chairman Kaspar Villiger.
According to the newspaper, Mr Villiger also said that the UBS board “begged” Mr Gruebel to stay on as chief executive officer to help with crisis management. When contacted by Today, a GIC spokesperson declined to comment……………………………………….Full Article: Source

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