I am pleased to read in today’s FT that GIC has in a statement (can’t find it to link to) expressed its concern to UBS abt the latest loss of US$2.3bn.
At least, it is concerned it bought us 6.4% in a dog with fleas.
Why these comments by me?
Yesterday I was appalled by this media statement to Today. GIC came across as saying, “So what if GIC lost money in UBS, it made money elsewhere, and that’s the important thing.” This was hedgie gunslinger talk, not that of a responsible fund manager.
True. performance should be judged on the performance of the entire portfolio, not its individual holdings. But
- where a bigger than normal bet is made (GIC usually buys less than 5% of an investee),
- in a special deal for GIC alone,
- where it trumpeted very loudly its prowess at the time when the deal was made,
such such public insouciance by Jennifer Lewis Head, Corporate Affairs and Communications, is unacceptable. Especially as GIC manages our money. (BTW, yes, she helped Tony Tan in the debacle of a campaign in her personal capacity.)
So I am glad to read that GIC is concerned abt its investment in UBS.