By Grace Ng

THE Government of Singapore Investment Corp (GIC) released its first report card yesterday, which showed that it had grown assets at an average rate of 4.5 per cent per year after accounting for global inflation over the past 20 years.

It also disclosed details about the geographic and asset mix of its portfolio, which it said was valued at 'well over US$100 billion' (S$141 billion).

The disclosures, which will now be made annually, will 'benefit both the Singapore public and the international investment community', said GIC's deputy chairman and executive director, Dr Tony Tan.

GIC sees good Citi, UBS returns in long run

By Robin Chan

THE Government of Singapore Investment Corporation (GIC) said yesterday the timing of its acquisition of stakes in UBS and Citigroup could have been better.

But it continues to stand by its belief that its long-term investments in the two giant banks will pay off.

Questions about its paper losses in the troubled banks were raised during a press conference held in conjunction with the release of GIC's annual report yesterday.

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