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Singapore’s Sovereign Wealth Fund Cuts Stake in UBS

Singapore’s Sovereign Wealth Fund Cuts Stake in UBS

Singapore’s sovereign wealth fund GIC has cut its stake in UBS by almost half and has stopped being the biggest shareholder in UBS after saying it was “disappointed” it lost money for almost a decade in which it was vested in UBS. GIC sold 93 million UBS shares, effectively halving its stake in the Swiss lender from 5.1 per cent to 2.7 per cent.

“GIC sold 93 million UBS shares, effectively halving its stake in the Swiss lender from 5.1 per cent to 2.7 per cent.”

~ South China Morning Post

GIC was among the sovereign funds to inject money into struggling banks during the financial crisis. GIC took a 9 percent stake in UBS in 2007 via an emergency capital injection when UBS unveiled $10 billion worth of subprime write downs.

Related Reports: Bloomberg, South China Morning Post

About GIC

GIC is a disciplined long-term investor. We have the patient capital and fortitude to ride out short-term market fluctuations, a global presence with offices in 10 cities around the world, a broad-based portfolio spanning six core asset classes and various active skill-based strategies, and a skilled and experienced team of over 1300 people.

Visit: GIC

 


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