Government of Singapore Investment Corporation

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Quick Facts

Year Established
1981
Assets Under Management
$315 billion
Source of Funds
Government surplus

Office Details

Government of Singapore Investment Corporation

168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel: +65 6889 8888
Fax: +65 6889 8722

Beijing Office, China
Unit 1928, Level 19
China World Tower 1
No. 1 Jian Guo Men Wai Ave
Beijing 100004 China
Tel: +86 (10) 6535 1010
Fax: +86 (10) 6535 1078

India Office
Unit 83, 8th Floor,
3 North Avenue, Maker Maxity
Bandra Kurla Complex,
Bandra (East)
Mumbai 400051, India
Tel: +91 22 6150 2888
Fax: +91 22 6150 2850

Japan Office
10th Floor Shiodome City Center
1-5-2 Higashi-shimabashi Minato-ku
Tokyo 105-7110
Japan
Tel: +81 3 3572 7188
Fax: +81 3 5537 2208

Korea Office
10th Floor, Seoul Finance Center
84 Taepyungro 1-ga Chung-gu
10th Floor
Seoul 100-768
Republic of Korea
Tel: +82 2 726 3300
Fax: +82 2 726 3318

U.K. Office
1st & 2nd floors
York House
45 Seymour Street
London W1H 7LX
U.K.
Tel: +44 (0)20 7725 3888
Fax: +44 (0)20 7725 3506

New York Office, U.S.
335 Madison Avenue
24th Floor New York
NY 10017
U.S.
Tel: +1 646 658 2200
Fax: +1 646 658 2122

San Francisco Office, U.S.
One Bush Street
Suite 1100
San Francisco
CA 94104
U.S.
Tel: +1 415 229 1800
Fax: +1 415 229 1812

Shanghai Office, China
Room 805, The Azia Centre
1233 Lujiazui Ring Road
Shanghai, PRC
Tel: +86 (21) 6165 1919
Fax: +86 (21) 6165 1900

Fund Snapshot

The Singaporean government established Government of Singapore Investment Corp. (GIC) in 1981 to manage most of its foreign exchange reserves. GIC is a private company wholly owned by the government, which is represented by the Ministry of Finance (MoF).

The MoF has instructed GIC to preserve the international purchasing power of its assets within specified risk parameters, but it stays out of investment decisions because interfering could compromise the fund’s ability to achieve that goal. The relationship between GIC and the Singaporean government is that of a fund manager to a client; the government remains the owner of the funds and pays GIC fees for its asset management services.

GIC is funded by an annual government contribution. But this contribution is not fixed and is subject to the discretion of the government, which currently claims 50 percent of the fund’s net annual income and dividends after expenses.

GIC was one of the first sovereign wealth funds to invest in all asset classes, both public (including cash and currencies, commodities, equities, fixed income and hedge funds) and private (including infrastructure, private equity and real estate). Originally the fund invested mainly in North America and Europe, but in the last five years it has been more active in emerging markets in Asia and Latin America. Highlighting this change of focus is the opening of new business groups in Brazil, China and India.

GIC has acquired its expertise in different asset classes by working with external managers that have sometimes overseen up to 20 percent of its portfolio. Now external managers play a more nuanced role: The ideal partner typically operates in niche markets, employs an investment style or strategy beyond GIC’s capabilities and adds value by offering co-investment opportunities .

GIC is a member of the International Forum of Sovereign Wealth Funds. The fund’s participation has improved its transparency, and it has published annual reports since 2006. However, GIC remains reluctant to disclose more information about its current investment strategies. In 2013 the fund changed its legal name from Government of Singapore Investment Corp. Pte. Ltd. to GIC Pte. Ltd. formalizing the widely used brand name GIC.

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