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 |