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Singapore sovereign fund GIC pares UBS stake at a loss

Reuters  |  ZURICH 

ZURICH (Reuters) - Singapore sovereign wealth fund GIC Private Limited, which invested in UBS to support it during the 2008/09 global financial crisis, said it has cut its stake in the Swiss bank at a loss, partly because of changes in the lender's strategy and business.GIC, which manages more than $100 billion globally, said it has reduced its stake to 2.7 percent from 5.1 percent. "GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS' strategy and business," Lim Chow Kiat, chief executive of GIC, said ...

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First Published: Tue, May 16 2017. 06:52 IST
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