| Noting that some grassroots leaders and others have questioned why the Government does not get the GIC to directly manage Central Provident Fund (CPF) monies, Deputy Prime Minister Tharman Shanmugaratnam explained yesterday that should the GIC do so, it will need a very conservative portfolio without the ability to invest over the long term and ride out market cycles.
This is because the GIC would have to focus on ensuring that it is able to meet the Government’s full obligations on the CPF every year, said Mr Tharman, who is also Finance Minister. The conservative portfolio the GIC would have to manage would not invest much in equities and certainly not in real estate, he added.........................................Full Article: Source
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