GIC: We have offset the losses on UBS

The sovereign wealth fund may have lost about 60% of its investment in UBS, but it says losses were countered by good investment decisions.

A Reuters report said, “The stake was worth around 2.5 billion Swiss francs ($2.86 billion), which means the sovereign wealth fund has lost about 77 percent of its 11 billion Swiss franc investment in UBS made at the end of 2007, excluding dividends, according to Reuters calculation based on UBS filings. The net loss would be about 60 percent if coupon payments from UBS worth about 2 billion Swiss francs were included before the Singapore fund converted its notes to shares.”

Meanwhile the Government of Singapore Investment Corp was quoted as saying in a statement, "In retrospect, we had said in late 2008 the timing for the (UBS) investment could have been better. On the other hand, GIC also made good investment decisions during the same period. These have offset the losses on UBS.”

According to the report, analysts estimate GIC's portfolio at about $300 billion.

View the report here.