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Singapore fund to increase transparency

Government Investment Corporation says it will look at moving down 'the path of more disclosure'

The Singapore Government Investment Corporation, which has taken high-profile
stakes in UBS and Citigroup, is promising greater disclosure about its
activities.

GIC, which is thought to manage hundreds of billions of dollars in funds,
recently injected $16bn (£8bn) in UBS and Citigroup.

‘We have already decided that the circumstances have changed. The right thing
to do is to move to a path of more disclosure,’ deputy chairman of GIC Tony Tan
said in an interview with
the
Financial Times
.

‘The greatest danger if this is not addressed directly, then some form of
financial protectionism will arise and barriers will be raised to hinder the
flow of funds.’

Sovereign wealth funds have burst onto the scene in recent months, pumping
liquidity into banks struck down by the sub-prime mortgage meltdown.

Tan refused to be drawn on the details of what transparency the fund was
looking to improve.

Further reading:

Read
the FT interview: Singapore fund pledges greater transparency

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