Her goal: a portfolio split with about a third invested in Singapore, a third elsewhere in Asia and the rest in developed economies. We recognise that social, environmental and governance factors can impact them as well as the long term sustainability of companies and businesses. Money in individual citizen’s hands may not be as well utilized. And because of the losses, Temasek Holding’s portfolio shrank by 31% and GIC’s portfolio shrank by 25%. Read more at The Business Times. This represents an average total shareholder return of 18 percent year-on-year since 1974. ^|^, According to the GIC website: “In keeping with our prudent approach to investing with a long-term horizon, we make identifying and managing risk a clear and integral part of management responsibility at all levels. She drove the expansion outside Singapore and increased financial assets to 40 percent of the company’s portfolio. "[There was] little potential in Bank of America shares. “We believe that energy and resources will continue to be a growth segment, and has got great long-term potential,” said Chia. In addition, Temasek bought €600 million worth of shares in Evonik on March 10, 2013. Temasek, on the other hand, is a development fund that invests in homegrown companies to stimulate the local … Temasek Holdings Pte’s biggest equity shareholdings and those of its subsidiaries have plunged almost $24 billion since January as the spreading coronavirus sends markets into spasms. You can’t fault them now. This increase of 5 percent was valued at €1 billion. Besides these, they also hold stakes in Singtel, ST Engineering, StarHub, SMRT, Singapore Airlines, SembCorp Industries, Keppel Corp and host of other critical Singaporean companies that the government does not want falling into foreign control, mainly through Temasek Holdings. About 23 percent of investments by value are unlisted assets. This makes Temasek a major investor in the German chemicals company. |=|, Temasek Loses $4.6 Billion on Its Bank of America Stake. Singapore has two sovereign wealth fund with billion of dollars of assets: 1) Government of Singapore Investment Corporation (GIC), with around $247.5 billion, founded in 1981; and 2) Temasek Holdings, with assets of $157.5 billion, founded in 1974. We are increasingly more confident of Asia’s future.” /^/, In April 2012, Temasek bought $2.3 billion worth of Hong-Kong-listed shares of Industrial and Commercial Bank of China (ICBC), the largest bank in the world by total assets and market, from seller Goldman Sachs. Shin's sale helped to trigger a prolonged political crisis in Bangkok. Applying online, attended a networking event, online test (numerical, logical, hirevue), On-site Assessment Centre in New York, Superday (selected candidates getting called at 10pm at the same day after the AC tasks) In addition to GIC, the Government of Singapore owns another sovereign wealth fund, Temasek Holdings, which manages about US$142 billion of assets. Increasing capital deployment in early-stage rounds is way for SWFs to hedge their portfolio to gain access to the leaders of the future, Capapé noted. It’s an instant deal breaker, that one. GIC comprises three separate entities: GIC Real Estate, GIC Asset Management and GIC Special Investments. “My sense is that Temasek’s modus operandi in difficult years is actually to be even more aggressive in terms of its acquisitions,” said Eugene Tan, an assistant law professor at Singapore Management University and a nominated member of Parliament who’s not affiliated with a political party. Its chief executive officer, Ho Ching, on the other hand is the wife of the current prime minister, Lee Hsien Loong, and the prime minister is also the chairman of GIC. At the time of this report, the various Temasek holdings linked companies held one-third of Singapore's stock market capitalization between them. Just because they’re holding paper losses doesn’t mean they’re ever going to be realized; they’re not going to be forced to sell them.” /=\, GIC said in its annual report in July that it boosted investments in emerging economies to tap higher returns, and cut back in Europe and the U.S. Emerging-market stocks made up 15 percent of its holdings from 10 percent a year earlier, while those in developed economies fell to 34 percent from 41 percent, it said. TSR since inception remained a healthy 17 percent. Thaksin said, “The sale is mainly because my children want me to dedicate my efforts towards work without any concerns on conflict of interest.” The same day the deal was announced, a law came into effect that raised the limit on overseas ownership in Thailand’s telecom companies to 49 percent from 25 percent. The latest purchase was of 3.55 billion H-shares, or about 1 percent, of ICBC. AIS, in which Shin owns a 42.86 percent stake, saw its net income drop 10 percent to 1.98 billion baht for the quarter ended Sept 30 last year, due to an intense price war in the Thai market. Other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management. ^+^, “Assets in Singapore slid to 30 percent from 32 percent of holdings. The Temasek-led $3.8 billion investment last year in the Thai telecom firm Shin, which was owned by former Prime Minister Thaksin Shinawatra, has lost about one third of its stock market value. In accordance with Title 17 U.S.C. Chen quit as the head of New York law firm Davis Polk & Wardwell LLP’s Beijing office in July after winning a seat in the May elections. +, GIC does not disclose the amount of funds it manages and its annual profit and loss. It's not like selling Chinese rice cakes." Part of the remuneration that GIC and Temasek give also considers long-term performance. Temasek Holdings was thus mainly domestic in investments until the underlying held companies went international. [Source: Netty Ismail, Bloomberg, September 26, 2011 /=\], “The sovereign wealth funds’ investments in international financial firms have not panned out as well as they hoped,” said Melvyn Teo, professor of finance at Singapore Management University. /=\, GIC “expressed disappointment and concern about the lapses and urged UBS to take firm action to restore confidence,” the bank said in a Sept. 20 statement after its senior management met in Singapore with Oswald Gruebel, who quit four days later as CEO of UBS. [Source: Reuters, September 23, 2008], Starting 2011, GIC also published the 5-year and 10-year nominal rates of return to provide a sense of the on-going medium-term investment performance, even while GIC maintains its sights on the long term. The deal was configured such a way that Thaksin didn’t have to pay any tax on his gains. GIC Faces Losses of $7.4 Billion as UBS Stocks Plummet, In 2007, GIC had a $9.2 billion stake in the Swiss bank UBS. GIC’s profitable disposal of part of its holding in Citigroup contrasts sharply with significant losses incurred on sales of stakes in western financial groups by Temasek, the Singaporean state investment company that invests returns from state-owned assets.Temasek was estimated by analysts to have incurred a loss of between $2.3bn and $4.6bn on the sale of a 3.8 percent holding in Bank of America, … The fund also held 7 percent of its portfolio in cash as of end-March 2008, it said in the report. The Auditor-General, who is appointed by the President of Singapore, submits an annual report to the President and Parliament on his audit of the Government and other bodies managing public funds. Concern has erupted on two fronts -- with critics attacking the fact that the PM's family is escaping capital gains tax on the US$1.9 billion it netted from the sale and that the huge firm with sizeable interests in telecoms, satellites, media and aviation has been sold to foreigners. WeChat ID: temasek_digital. In the previous year, the company sold S$9 billion of its holdings, it said. July 2, 2019, 9:04 PM. Find out more about Singapore’s reserves management framework . This includes dividends to our shareholder and excludes capital injections from our shareholder. GIC is one of the key architects of the Santiago Principles, a set of Generally Accepted Principles and Practices for Sovereign Wealth Funds. It cited protectionism in developed countries, the European sovereign debt crisis and asset bubbles in developing economies among risks for a slower recovery. [Source: Sara Webb, New York Times, July 27, 2007 \*\], “Since taking the helm at Temasek in 2002, Ho has stepped up the diversification of the fund beyond its small home market. The move gave Temasek stakes in three of China's top four banks and showed it was serious about China. Ltd for investing in the liquefied natural gas (LNG) industry. Temasek Review. Kevin Brown of the Financial Times wrote: “The Government of Singapore Investment Corporation said that the sale followed the conversion of its $6.8 billion of convertible preferred stock for Citigroup common stock at $3.25 a share. In 2011 when UBS stock plummeted in part because of financial scandals and unwise investment, GIC faces losses of $7.4 billion if it sold the stock was when it bottomed out. Told Bloomberg. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media and technology; transportation and industrials; consumer and real estate; energy and resources; and life sciences. At year end March 2011, the 20-year annualised real rate of return, in excess of global inflation, was 3.9 percent. I interviewed at Temasek (New York, NY) in September 2018. +, Government of Singapore Investment Corporation (GIC). S$10 billion new investments were made over the year, with the most recent in resources and energy sectors. In 2013, Temasek Holdings setup a new company Pavilion Energy Pte. Is First REIT Worth Buying After Its Lease Restructuring? GIC’s goal as a savings fund is to strengthen government purchasing power and cash reserves, while investing outside of Singapore. Investments in Australia and New Zealand made up 14 percent of Temasek’s assets from 12 percent a year earlier. The investment is one of many big deals engineered by Ho, who keeps a low profile despite her prominence in financial circles and as a member by marriage of the first family of Singapore. 4 Min Read. The downside to our SWFs, besides not being flushed with cash, is that Singaporeans, even after looking through websites and reports, still mostly have no idea what Temasek Holdings and GIC do with the country’s money. Our investment professionals are responsible for implementing the portfolios and translating asset class allocations into actual investments. Text Sources: New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, Singapore Tourism Board, Compton’s Encyclopedia, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Time, Newsweek, Reuters, AP, AFP, Wall Street Journal, The Atlantic Monthly, The Economist, Foreign Policy, Wikipedia, BBC, CNN, and various books, websites and other publications. [Source: Wikipedia +. We deliver sustainable value over the long term. Among Shin’s assets were Thailand’s leading mobile phone operator, a satellite company, a low-cost airline and the television station iTV. ^|^, GIC is one of a few global firms with the highest corporate credit ratings by both Standard & Poor's and Moody's, of AAA and Aaa respectively. /=\, “The losses prompted calls for more transparency, and GIC said on Sept. 19 in response to a Today newspaper reader that “the timing for the investment could have been better.” The opposition Workers’ Party proposed this year that GIC’s annual reports should reflect its yearly performance. +, The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. Both Japan and South Korea have just announced that they too are considering "Temasek-like entities." Temasek is also thought to have incurred a loss on the sale of a stake of almost 2 percent in Barclays, the UK bank. /^/, In May 2009, in the midst of the Lehman Brothers financial crisis when it stakes up huge losses on investment in Western banks and financial houses, Chen Shiyin of Bloomberg wrote: “Temasek, whose investments shrank 31 percent in the eight months, raised its stake in China Construction Bank Corp. this week, and Chief Executive Officer Ho Ching said the fund would reduce exposure to developed economies. “Given the market conditions in the last fiscal year were very choppy, the fact that they increased their assets by a few billion is decent,” said Vasu Menon, vice president for wealth management at Oversea-Chinese Banking Corp. in Singapore. Temasek was incorporated in 1974 to commercially manage an initial portfolio valued at S$354 million, acquired from the Singapore Minister for Finance.This move enabled the Singapore Government to focus on its core role of policymaking and regulations. ^+^, Temasek Spends More on Investments, Adds Energy Holdings, In July 2012, Temasek said it spent the most on new holdings in four years as it added more energy and resources producers to its portfolio.Joyce Koh & Sanat Vallikappen of Bloomberg wrote: “The company said it made S$22 billion ($17 billion) of investments in the year to March 31, boosting assets to a record S$198 billion. The financial crisis blind-sided a lot of investors.”/^/, According to Bloomberg” Along with its stake in Merrill Lynch, Temasek also raised holdings in Standard Chartered, the London-based bank that gets almost all its profit from emerging markets, and bought shares in Barclays, the U.K.’s third-biggest bank. Over the years we have built up a strong information network and relationships with companies that provide invaluable insights, leading to sound and profitable investments. By now, it is known that in 2008, Temasek Holdings lost S$58 billion and GIC lost S$59 billion. 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GIC owned about 6.4 percent of UBS as of December 2010. Temasek in the past five years has moved from being a passive custodian to being an active—and outstanding—investor. [Source: Temasek website ], According to Temasek’s website: As a long term investor, we have a stake in the lives and well-being of our community. Analaysts say Temasek Holdings surely had its eyes wide open to the risks of buying into a diversified behemoth like Thailand's Shin Corp, but they are divided over what it saw in the conglomerate's core telecoms business that warranted a 73.3 billion baht (S$3.1 billion) price tag. Top GIC Salaries - By Location . And as such, most people sit quietly when things are looking good, and complain when they lose value at their year ends. It has almost 30 years of experience in publicly traded investments in more than 45 exchange traded and over–the-counter markets dealing with stocks, futures and options, fixed income, natural resources, foreign exchange, cash and derivatives. "Very early in the year, the plan was set in motion to divest the holding," the person said. Sovereign wealth funds invest globally. In Singapore, our SWFs invest in a variety of local and overseas companies in search for returns and to protect our nation’s critical assets that have been privatized. In 2008, GIC invested US$6.88bn for a 9 percent stake in Citigroup. GIC, Temasek set for muted returns on impact of trade war, slower growth. Why You Should Maximise Your CPF LIFE Before Other Private Annuity Plans? Since inception, we have committed over S$1 billion for community, philanthropic and public good causes. “They have the bandwidth to go into many investments, which many others may be somewhat hesitant. “This will increase transparency and accountability to Singaporeans, who are the ultimate stakeholders and beneficiaries of the investments,” Chen Show-Mao, an opposition member of Parliament said in an e-mail on Sept. 23. This constitutes 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. "Temasek's strategy is similar to that of a big private equity investor and could well end up producing lower returns than the big index-tracking funds," said a former adviser to the firm. How Much You Need In Your CPF Retirement Account (RA) At 65 To Afford The Average Retiree’s Expenses With CPF LIFE Payouts? The shares traded at about a fifth of the conversion price at the close on Sept. 23, though the 8.7 billion franc unrealized loss is partly offset by 2 billion francs in interest payments in the first two years of its investment. By achieving these returns, we fulfil our responsibility to preserve and enhance Singapore's foreign reserves. When she addressed a Morgan Stanley conference in November 2006, with the Shin deal in the limelight, the bank told the media not to ask questions. Choosing the right ETF is crucial to your investment success. Temasek wasn't informed of the merger talks between Merrill and Bank of America and "never wanted to be a Bank of America investor," a person familiar with the situation said. GIC has returned 6.1% (in terms of US$) per annum over the last 20 years. English-language daily, The Nation, said in an editorial that the deal was "based on calculated, self-serving motives" and Mr Thaksin was misleading the public by claiming it was designed to eliminate controversy over his conflict of interest. Temasek Holdings. GIC has returned 6.1% (in terms of US$) per annum over the last 20 years. We act with integrity and are committed to the pursuit of excellence. Ho Ching, the former head of Temasek and the wife of current prime minister Lee Hsien Loong was voted by Forbes as the world’s third most powerful woman. Banks remained the biggest part of the company’s holdings even as they made up a smaller portion of the portfolio. [Source: Jim Rogers, Time, May 3, 2007 ***], “When Ho Ching became CEO in 2002, she overhauled Temasek, setting up more precise performance guidelines while raising accountability and transparency. In 2008, Reuters reported: “GIC has recently been active along with other highly-secretive sovereign wealth funds in Asia and the Middle East in buying stakes in Western banks such as Citigroup and UBS (UBSN. Read full article. This falls under Temasek’s bigger brother, GIC (Government Investment Corporation). In May 2009, in the midst of the Lehman Brothers financial crisis, Chen Shiyin of Bloomberg wrote: “Temasek Holdings Pte sold its 3.8 percent stake in Bank of America Corp. at a loss that may total $4.6 billion, as the Singapore state-owned fund shifts bets from Wall Street to emerging markets. In resource-scarce Singapore, our reserves act as a safety net for the country. Does It Make Financial Sense For Companies To Make Additional MediSave Contributions For Employees? In 2007 Temasek reported a 29 percent drop in earnings to S$9.1 billion (US$6 billion) reflecting fewer transactions and a cautious outlook of the market for the year. The sale may have raised about $1.27 billion, based on the average price of Bank of America stock in the first quarter. The Principles were published in 2008 by the International Working Group of Sovereign Wealth Funds (IWG), made up of 23 member countries including Singapore. But she has taken a strictly professional approach. [Source: Chen Shiyin, Bloomberg, May 15, 2009 /^/], “The belief now is that the world is not so American-centric anymore,” said Melvyn Teo, associate professor of finance at the Singapore Management University. GIC disclosed that they achieved 5.8% over a twenty year period and Temasek disclosed that their total shareholder return is 18% over a thirty year period. The management of the complex, Tishman Speyer Properties and BlackRock Realty, defaulted on their loan in 2010, effectively wiping out the investment. Total shareholder return, which includes changes in asset values and dividends, gained 1.5 percent in a year when market volatility reached the highest level since the 2008-2009 crisis, while the MSCI World Index (MXWO) lost 1.7 percent. Net income dropped to S$10.7 billion from S$12.7 billion a year earlier, it said in its annual report. Simon Israel, a former Temasek executive director and president, retired from his executive and board roles in July 2011, while former President Hsieh Fu Hua stepped down in October. “The value of Temasek's investment portfolio fell 31 percent, or by 58 billion Singapore dollars (US$39.61 billion), to S$127 billion in the eight-month period ended Nov. 30, Singapore's Senior Minister of State for Finance Lim Hwee Hua said earlier this year. In overall performance, Temasek has kept pace with benchmarks such as the Straits Times Index and MSCI indices. Our SWFs hold stakes in exciting businesses such as China’s e-commerce giants Alibaba and Tencent South East Asia’s Lazada, Asia’s largest MMA promoter One Championship and other companies in the banking, tech, life sciences and property sectors around the world. Read Also: What The Monetary Authority Of Singapore Does VS What The Ministry Of Finance Does. By continuing to browse our site, you accept the use of cookies. Temasek is NOT a “sovere i gn wealth fund” (because it owns its assets as a company and pays taxes), so never, ever mention it. Thais are also investing in other countries." In May 2009, amidst the Subprime mortgage crisis, Singapore's finance minister defended Temasek's performance in parliament, as the wealth fund has made S$56 billion (US$38.5 billion) in the current market cycle that began around March 2003. |~|, “Temasek's financial services portfolio includes stakes in Singapore's DBS Group, Indian lender ICICI Bank and Standard Chartered. Charles ‘Chip’ Goodyear, the 51-year-old former head of BHP Billiton Ltd. who oversaw a fourfold increase in the company’s stock during his almost five-year tenure as CEO, was originally named to replaced her. The 2004 report states that Temasek manages S$90 billion in assets. The deal was a factor in exacerbating the Thai political crisis, which eventually led to the downfall of Thaksin and a review of the transaction's legality. Ho is well connected: her husband is Prime Minister Lee Hsien Loong, son of Singapore's legendary elder statesman Lee Kuan Yew. Its investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments). Companies were 21 percent of its portfolio in banks it feels are strong and are capturing Emerging market.... Sale in ICICI Bank and Bank of America stake site is distributed without profit directly. 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