2. In 2008, Reuters reported: âGIC has recently been active along with other highly-secretive sovereign wealth funds in Asia and the Middle East in buying stakes in Western banks such as Citigroup and UBS (UBSN. In 2012, Temasek was ranked ninth among sovereign investors by the SWF Institute, trailing behind funds including those in the United Arab Emirates, Norway and China. [Source: Wikipedia +], A sovereign wealth fund (SWF) is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals, or other financial instruments. This falls under Temasek’s bigger brother, GIC (Government Investment Corporation). Its investment returns supplement the countryâs annual budget in areas such as education, R&D, health care and physical environment. [Source: Chen Shiyin, Bloomberg, May 15, 2009 /^/], âThe belief now is that the world is not so American-centric anymore,â said Melvyn Teo, associate professor of finance at the Singapore Management University. Both ranked inside the top 10 SWFs in the world, the estimated combined holdings of these two companies top out at over $730 billion. Temasek had spent about $5.9 billion since 2007 buying shares in Merrill Lynch & Co., acquired by Bank of America in January 2009 1 after its stock slid 78 percent in 2008. Temasek Holdings Pte’s biggest equity shareholdings and those of its subsidiaries have plunged almost $24 billion since January as the spreading coronavirus sends markets into spasms. This included a 1.4 percent stake sale in ICICI Bank. Moreover it is widely believed most have diversified hugely into assets other than short-term, highly liquid monetary ones, though almost no data is publicly available to back up this assertion. in The Mosaic Co., a U.S. fertilizer producer. How Much You Need In Your CPF Retirement Account (RA) At 65 To Afford The Average Retiree’s Expenses With CPF LIFE Payouts? While Lee took up a variety of cabinet positions, Ho moved to state-owned Singapore Technologies in 1987, running a mix of defense, technology, property and stock brokerages that she restructured, divesting some units and listing others. GIC manages risk by investing in a well-diversified portfolio, with a balanced distribution of asset classes and their underlying business sectors and geographies. It remains biggest shareholder of six of the 10 biggest Singapore companies by market value. Sara Webb wrote in the New York Times, âWhile Temasek is regarded as the Asian standard-bearer among increasingly prominent sovereign funds, its hefty size and government links have helped provoke opposition to investments in nearby Thailand and Indonesia. We are guided by our Temasek Charter, a living document that espouses who we are, and what we do as an active investor and shareholder. He also said the size of the sale left his family with little choice but to consider overseas buyers. However, the question of whether it is managed as well as it could be is a valid one. Temasek scored higher in 6 areas: Overall Rating, Career Opportunities, Compensation & Benefits, Work-life balance, % Recommend to a friend and Positive Business Outlook. We do not own the funds we manage. ^|^, GICâs private equity portfolio has placed us as one of the leading global private equity investors in the world with a network of over 100 active fund managers that are among the best in the world. In May 2009, amidst the Subprime mortgage crisis, Singapore's finance minister defended Temasek's performance in parliament, as the wealth fund has made S$56 billion (US$38.5 billion) in the current market cycle that began around March 2003. Temasek has been assigned an overall corporate credit rating of âAaaâ by Moodyâs and âAAAâ by Standard & Poorâs. It has almost 30 years of experience in publicly traded investments in more than 45 exchange traded and overâthe-counter markets dealing with stocks, futures and options, fixed income, natural resources, foreign exchange, cash and derivatives. This increase of 5 percent was valued at â¬1 billion. The loans were converted into equity in 2010, with an estimated 70 percent loss of value, though partially offset by a 9 percent fixed coupon. âItâs going to be driven more and more by the Chinese economy and consumer so might as well load up more on Chinese banks than American banks.â Bank of America sold part of its Construction Bank stake to a group of investors including Hopu Investment Management Co., a private-equity fund run by Goldman Sachs Group Inc.âs China partner Fang Fenglei, and Temasek, two people with knowledge of the matter said on May 12. âWe have also been re-assessing our long term portfolio balance over the last two years,â Ho, 56, said in the May 12 speech. âThey have the bandwidth to go into many investments, which many others may be somewhat hesitant. In this 6-year period, it achieved an annualised return of 15 percent, better than the MSCI global equity markets' 6 percent returns and 'respectably' compared to other reputable institutional investors. The GIC was formed in 1981 with the aim to invest the sovereign wealth fund more aggressively in higher yielding asset classes and over a longer investment horizon. Besides these, they also hold stakes in Singtel, ST Engineering, StarHub, SMRT, Singapore Airlines, SembCorp Industries, Keppel Corp and host of other critical Singaporean companies that the government does not want falling into foreign control, mainly through Temasek Holdings. UBS shares declined to the lowest level in two-and-a-half years after the Zurich-based bank announced a $2.3 billion unauthorized trading loss that led to the resignation of its chief executive officer on Sept. 24. Also in 2010, SingBridge International was established to develop integrated townships and large-scale projects in Asia. Temasek struggled to boost its total shareholder return from 4.6 percent in the previous year as Europeâs turmoil and the lackluster U.S. economic recovery roiled markets, said Melvyn Teo, director of BNP Paribas Hedge Fund Centre at the Singapore Management University. Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term "currency stabilization", and liquidity management. /=\. Some sovereign wealth funds may be held by a central bank, which accumulates the funds in the course of its management of a nation's banking system; this type of fund is usually of major economic and fiscal importance. GIC Faces Losses of $7.4 Billion as UBS Stocks Plummet, In 2007, GIC had a $9.2 billion stake in the Swiss bank UBS. +, The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve positions held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. Its investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments). âMy sense is that Temasekâs modus operandi in difficult years is actually to be even more aggressive in terms of its acquisitions,â said Eugene Tan, an assistant law professor at Singapore Management University and a nominated member of Parliament whoâs not affiliated with a political party. It cited protectionism in developed countries, the European sovereign debt crisis and asset bubbles in developing economies among risks for a slower recovery. AIS, in which Shin owns a 42.86 percent stake, saw its net income drop 10 percent to 1.98 billion baht for the quarter ended Sept 30 last year, due to an intense price war in the Thai market. [Source: Sara Webb, New York Times, July 27, 2007 \*\], âSince taking the helm at Temasek in 2002, Ho has stepped up the diversification of the fund beyond its small home market. Shares in both banks fell heavily in subsequent months, prompting criticisms of GICâs investment timing. Tan was sworn in as Singaporeâs seventh president on September 2011. âGIC should be able to, as long-term investors, take short-term hits,â said Victoria Barbary, senior analyst at the Monitor Group in London. Temasek Holdings was thus mainly domestic in investments until the underlying held companies went international. Bloomberg. It may invite external institutions to co-invest in 3â5 years and the public in 8â10 years. |=|, Temasek Loses $4.6 Billion on Its Bank of America Stake. It also stated that other investments made at that time have had positive returns which offset the losses on UBS. Ltd for investing in the liquefied natural gas (LNG) industry. In Thailand, Thaksinâs selling of the Shin Corporation, his family conglomerate and Thailandâs largest telecommunications company, to a Singaporeâs Temasek Holding for $1.9 billion in January 2006 without paying any taxes was the last straw for his government. âI suspect theyâre telling themselves they should have focused on Asian investments, particularly China. The move gave Temasek stakes in three of China's top four banks and showed it was serious about China. âAs Asia continues to develop, it continues to de-risk. Temasek wasn't informed of the merger talks between Merrill and Bank of America and "never wanted to be a Bank of America investor," a person familiar with the situation said. Supported by 11 affiliates and offices in Asia and Latin America, it came into existence after the Singaporean government bought stakes in several businesses and these stakes were consolidated by the Finance Ministry into what is now known as Temasek. The latest purchase was of 3.55 billion H-shares, or about 1 percent, of ICBC. âThe value of Temasek's investment portfolio fell 31 percent, or by 58 billion Singapore dollars (US$39.61 billion), to S$127 billion in the eight-month period ended Nov. 30, Singapore's Senior Minister of State for Finance Lim Hwee Hua said earlier this year. The company had earlier said it wants the Organization for Economic Cooperation and Development countries to account for about a third of its investment portfolio. âHo began her career at the Ministry of Defense, where she met her husband, Lee Hsien Loong, the eldest son of former Prime Minister Lee Kuan Yew. Recently, announced in budget 2015, in view of Singapore’s expected $6.7 billion spending deficit over the next five years, the government has added the expected returns of Temasek Holdings into our budget. It became the bankâs largest shareholder when it converted 11 billion francs of notes into stock. Read more at The Business Times. Within Asia, China anchors the growth, so Temasek is putting money where its mouth is," said Song Seng Wun, an economist at CIMB. Even her age is considered off limits. Singapore has two sovereign wealth fund with billion of dollars of assets: 1) Government of Singapore Investment Corporation (GIC), with around $247.5 billion, founded in 1981; and 2) Temasek Holdings, with assets of $157.5 billion, founded in 1974. S$10 billion new investments were made over the year, with the most recent in resources and energy sectors. [Source: Costas Paris, Wall Street Journal, May 18, 2009 ]. We are ranked among the world's top 10 real estate investment firms in terms of assets under management. As of 2004, Temasek owned stakes in many large foreign companies, including Standard Chartered, Bank of China, China Construction Bank, ICICI Bank, Global Crossing, as well as many of Singapore's largest companies, such as SingTel, DBS Bank, Singapore Airlines, PSA International, SMRT Corporation, Singapore Power, Neptune Orient Lines and Mediacorp. Total shareholder return narrowed from 4.6 percent in the previous year. GIC has an estimated worth of $247.5 billion and achieved a return of 9.5 percent between 1982 and 2007. By Anshuman Daga and Joe Brock. It reflects their confidence of what they feel will work out for them in the medium to long term.â The company said yesterday profit declined 16 percent as contributions from units fell amid the global slowdown. As of 2011, GIC held around 42 percent of its portfolio in North and South America, 28 percent in Europe and 27 percent in Asia. These two investment companies manage Singapore’s reserves, accumulated from years of surpluses, and are our sovereign wealth funds (SWFs). In 2008, The Economist reported that Morgan Stanley had estimated the fund's assets at US$330 billion, making it the world's third largest sovereign wealth fund. GIC is a fairly conservative investor, with a globally diversified portfolio spread across various asset classes. Armed with vast resources, China’s SWF may try to flex its economic muscles and buy up critical foreign assets, while Norway’s SWFs invest in safer instruments that are aimed to provide for its population’s pension scheme. The plunge comes at a critical time for Singapore, whose financial strength is partly linked to Temasek, sovereign wealth fund GIC and the Monetary Authority of … [Source: Reuters, September 23, 2008], GIC Makes $1.6 Billion from the Sale of Its Citigroup Stock, In September 2009, GIC made a $1.6 billion profit after selling half of the 9 percent stake in Citigroup it acquired during US-government led refinancing of the troubled bank. The Singapore government will continue to encourage state investment firms Temasek Holdings Pte and GIC Pte to review how much more information … And because of the losses, Temasek Holding’s portfolio shrank by 31% and GIC’s portfolio shrank by 25%. Turn cookies on. Why You Should Maximise Your CPF LIFE Before Other Private Annuity Plans? All salaries and reviews are posted by employees working at Temasek vs. GIC. âWhether GIC should continue to hold on to UBS, it really depends on going forward how will the management deal with all the current problems.â The Singapore firms, ranked among the worldâs 10 largest sovereign wealth investors, have since poured more money into higher-growth emerging economies and other industries. |=|, âThe billionaire politician also said that the tax exemption was legal under a long-standing provision for deals done through the Stock Exchange of Thailand. \*\, âWhen Ho, an engineer by training, joined Temasek, she quickly brought in a host of deal-makers to scour Asia for targets and began to publish an annual review of the firm's performance. Thaksin said, âThe sale is mainly because my children want me to dedicate my efforts towards work without any concerns on conflict of interest.â The same day the deal was announced, a law came into effect that raised the limit on overseas ownership in Thailandâs telecom companies to 49 percent from 25 percent. GIC’s profitable disposal of part of its holding in Citigroup contrasts sharply with significant losses incurred on sales of stakes in western financial groups by Temasek, the Singaporean state investment company that invests returns from state-owned assets.Temasek was estimated by analysts to have incurred a loss of between $2.3bn and $4.6bn on the sale of a 3.8 percent holding in Bank of America, … Finally, Singapore SWFs also act as corporate drivers leading the city’s acclaim as an investment hub and international standing as a financial centre. GICâs real estate portfolio is one of the few that is truly global. [Source: Wikipedia +], Traditionally, GIC has kept a low profile in its investments, for a long time saying only it managed assets of âmore than $100 billion. In 2008 Temasek achieved record profits of S$18 billion (US$12 billion), double that of 2007. 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[Source: Straits Times, January 25, 2006 |=|], âAlthough Thai analysts expect AIS' growth prospects to recover, they note that Shin shares traded on an estimated price-earnings multiple of 16.1 times, compared with an average of 11.8 for the Thai telecoms sector, according to Reuters data. In January 2006, the Straits Times reported: âTemasek and a group of Thai investors paid 49.25 baht per share for a 49.6 percent stake in Shin, just as the stock hit an 11-year high. These compare against a 5-year annualised return of 5.3 percent and 4.9 percent before fees for the two composite portfolios, which also had higher volatilities of 13.4 percent and 15 percent respectively. Over five years, Temasek's shareholder return averaged 10 percent, matching the MSCI index but below the STI's 13 percent. Temasek is NOT a “sovere i gn wealth fund” (because it owns its assets as a company and pays taxes), so never, ever mention it. Creating A Portfolio Like Temasek Holdings, What The Monetary Authority Of Singapore Does VS What The Ministry Of Finance Does, MoneyMax, ValueMax, Maxi-Cash – 5 Things You Need To Know Before Pawning Your Jewellery And Gold At Pawnshops, 6 Ways You Can (Legally) Reduce Your Income Tax For YA 2021. They are just looked upon as giant companies linked to the government that are shrouded in mystery. Such material is made available in an effort to advance understanding of country or topic discussed in the article. Temasek's chairman, S. Dhanabalan, a former cabinet minister, asked her to head Temasek in 2002, telling local media at the time that Ho was "the best person for the job," that it had "nothing to do" with her being Lee's wife, and citing "a willingness on her part to take calculated risks." Is First REIT Worth Buying After Its Lease Restructuring? (BARC) It then posted a 42 percent increase in 2010. "Temasek's strategy is similar to that of a big private equity investor and could well end up producing lower returns than the big index-tracking funds," said a former adviser to the firm. "[There was] little potential in Bank of America shares. In July 2010, Temasek reported a 42 percent full recovery of its portfolio to S$186 billion (US$134 billion ), but net profit fell 26 percent to S$4.6 billion. At the time of this report, the various Temasek holdings linked companies held one-third of Singapore's stock market capitalization between them. If one sees the results of the stress tests in the U.S. and analysts' reports on Bank of America, the picture is not bright," a second person said. Temasek Holdings (Private) Limited (abbreviated as Temasek) is a Singaporean holding company, owned by the Government of Singapore.Incorporated on 25 June 1974 as a Commercial Investment Company, Temasek owns and manages a net portfolio of S$306 billion (as of 31 March 2020), with S$26 billion divested and S$32 billion invested during the year, and 66% exposure to Asia – 24% Singapore … In 2003, when ST Telemedia (STT Communications) acquired a two-third share of computer networking telco Global Crossing, the acquisition had to be approved by the U.S. government to ensure a foreign government did not control the extensive network. As of 2012, about 30 percent of Temasekâs holdings were in Singapore, 42 percent are in Asia excluding Singapore and 28 percent are outside Asia. |~|, Ho Ching Steps Down and Other Leadership Changes at Temasek. Environmental, Social, and Governance (ESG) Investing In Bonds: Is It Taking Off And Paying Off? \*\[Source: Sara Webb, New York Times, July 27, 2007 \*\], Controversial Sale of Shin Corporation to Temasek, Temasek's 2006 acquisition of Shin Corporation, owned by the family of then Thai prime minister Thaksin Shinawatra, was particularly controversial, with protestors burning effigies of Lee and Ho on the streets of Bangkok. Temasek now has a 1.3 percent stake in ICBC, a Temasek spokesman said. Temasek was estimated by analysts to have incurred a loss of between $2.3 billion and $4.6 billion on the sale of a 3.8 percent holding in Bank of America. Temsasek initially obtained 49.6 percent of Shin by purchasing 1.49 billion shares for $1.25 each and ended up, with Temasek, along with its partners, controlling 90 percent the company. Location Average Salary Salary Comparison Full Access; UK: … Their portfolios have grown over the years. TSR since inception remained a healthy 17 percent. The downside to our SWFs, besides not being flushed with cash, is that Singaporeans, even after looking through websites and reports, still mostly have no idea what Temasek Holdings and GIC do with the country’s money. âA stake below 5 percent reflects GICâs goals and desire to be a portfolio investor,â GIC said. Standard & Poor's assigned Temasek Holdings a AAA credit rating for "the best companies". GIC invested a total of $18 billion in Citigroup and UBS, the Swiss bank, when the duo sought financing in the wake of writedowns on sub-prime mortgages. In resource-scarce Singapore, our reserves act as a safety net for the country. Temasek has also established a presence on digital platforms Twitter, Facebook, Instagram, LinkedIn, and Youtube to reach out and further engage the public. Such investment management entities may be set up as official investment companies, state pension funds, or sovereign oil funds, among others. [Source: Forbes], Jim Rogers wrote in Time: âTalk about influence! For example, Temasek’s Net Portfolio Value was $164b in 2007 as compared to $275b in 2017. But she has taken a strictly professional approach. The Temasek-led $3.8 billion investment last year in the Thai telecom firm Shin, which was owned by former Prime Minister Thaksin Shinawatra, has lost about one third of its stock market value. GIC, Temasek help drive corporate purchases by sovereign funds to $34b in third quarter. "Do you think it's easy to find anyone with more than 70 billion baht in cash?" The state investor said 44 percent of its portfolio was in listed shares, 26 percent in fixed income and 23 in alternative investments such as real estate and hedge funds. Net profit was S$7.4 billion US$4.4 billion) on revenues of S$56.5 billion for the financial year closing on March 2004. The 5-year annualised return in USD terms was 6.3 percent net of fees with a volatility of 12 percent, while the 10-year annualised return was 7.4 percent with volatility 10 percent. She has been the CEO of Temasek since 2002, while her husband became prime minister in 2004. Temasek means âsea townâ in Malay. Firstly, we’d be suffering great financial losses if we were forcibly selling assets, but we have to understand the roles SWFs play, and in particular Temasek and GIC. The Barclays investment "is in line with Temasek's desire for balance between markets with differing degrees of risk," he said. The Thai public had been putting up with his antics, arrogance and questionable decisions for some time. Dhanabalan even referred to ST's purchase of disk drive maker Micropolis, which was liquidated soon afterwards with debts of 630 million Singapore dollars, saying Ho had had the courage to cut the losses. The GIC website says: âOur aim is to achieve good long-term returns for the Government - a reasonable risk-adjusted rate above global inflation over a 20-year investment horizon. This makes Temasek a major investor in the German chemicals company. Money in individual citizen’s hands may not be as well utilized. Expect even more countries to discover that the road to the future runs through Singapore.â ***, Sara Webb wrote in the New York Times, âOne of the colleagues of Ho Ching once said it was her willingness to take risks, not her family ties, that won the wife of the prime minister her top job at Temasek Holdings with a mandate to shake up Singapore's state investor. The Temasek Trust independently oversees the financial management of endowments and gifts.â. 4 Min Read. In addition, Temasek bought â¬600 million worth of shares in Evonik on March 10, 2013. By achieving these returns, we fulfil our responsibility to preserve and enhance Singapore's foreign reserves. These are assets of the sovereign nations that are typically held in domestic and different reserve currencies (such as the dollar, euro, pound, and yen). Since inception, we have committed over S$1 billion for community, philanthropic and public good causes. ^+^. Text Sources: New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, Singapore Tourism Board, Comptonâs Encyclopedia, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Time, Newsweek, Reuters, AP, AFP, Wall Street Journal, The Atlantic Monthly, The Economist, Foreign Policy, Wikipedia, BBC, CNN, and various books, websites and other publications. Read Also: Creating A Portfolio Like Temasek Holdings. Temasek, on the other hand, is a development fund that invests in homegrown companies to stimulate the local … [SINGAPORE] Temasek Holdings Pte's biggest equity shareholdings and those of its subsidiaries have plunged almost US$24 billion since January as the spreading coronavirus sends markets into spasms. It also follows longstanding allegations of a conflict of interest between his political career and business empire. Its portfolio stood at S$164 billion, breaching the US$100 billion mark for the first time and about 27 percent higher than 2006. Shin's sale helped to trigger a prolonged political crisis in Bangkok. The management of the complex, Tishman Speyer Properties and BlackRock Realty, defaulted on their loan in 2010, effectively wiping out the investment. Financial services accounted for 31 percent of holdings, down from 36 percent a year earlier, it said. âWe believe that energy and resources will continue to be a growth segment, and has got great long-term potential,â said Chia. Read full article. Most of its investments are in the public markets, with a smaller component in alternative investments such as private equity and real estate. The Principles were published in 2008 by the International Working Group of Sovereign Wealth Funds (IWG), made up of 23 member countries including Singapore. That penchant for risk-taking came to the fore this week with Temasek's unexpected Â£2.1 billion, or $4.34 billion, investment in Barclays, the U.K. bank that is locked in an increasingly costly bidding war for ABN AMRO in what would be the world's biggest bank takeover. GIC owned about 6.4 percent of UBS as of December 2010. 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