Singapore's GIC reports 7.8pc annual return
The normally secretive Government of Singapore Investment Corp, which has bailed out banks hit by the global financial crisis, said Tuesday its nominal annual rate of return over the past 20 years was 7.8 percent in US dollar terms.
GIC -- one of the world's largest sovereign wealth funds (SWFs) -- released the figure in its first annual report on the management of its portfolio.
But the 48-page report contained few other financial details.
"GIC's investment objective is to achieve a reasonable rate of return above global inflation with due regard to risks," the firm's deputy chairman and executive director, Tony Tan, told reporters.
Tan said the company had met its investment objective despite global shocks including the Asian financial crisis a decade ago "and the ongoing credit turmoil in the international markets.”
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