Subject: GIC's 30-year outlook 'less benign': MM Lee - Straits Times
From: "Michael Andrews" <[email-masked]>
To: "Thad Brown" <[email-masked]>, "Ronnie Mainieri" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Curt Hastings" <[email-masked]>, "Eric Schwerin" <[email-masked]>, "Chris Heinz" <[email-masked]>, "Devon Archer" <[email-masked]>
Date: Mon, 9 May 2011 15:01:59 -0400

I suspect that Lee Kuan Yew view is true for most SWF with greater  
than $100 billion

May 9, 2011
GIC's 30-year outlook 'less benign': MM Lee

Government of Singapore Investment Corp (GIC), Singapore's sovereign  
wealth fund, expects the investment outlook in the next 30 years to be  
'less benign', or less favourable, Chairman Lee Kuan Yew (above) said.  
-- PHOTO: PAP

GOVERNMENT of Singapore Investment Corp (GIC), Singapore's sovereign  
wealth fund, expects the investment outlook in the next 30 years to be  
'less benign', or less favourable, Chairman Lee Kuan Yew said.

The fund's returns have been comparable with the annual 10.2 per cent  
gain in equities since its inception in 1981, said Minister Mentor Lee.

'The next 30 years look challenging,' Mr Lee said at a speech in  
Singapore marking the fund's 30th anniversary.

GIC must be prepared to make 'unconventional' decisions to bolster  
returns, Mr Lee said.

'As GIC grows larger and more established, the impetus to follow  
conventional practices will grow stronger. GIC must develop the  
capacity and courage to make the right decisions, thinking in depth  
and foresight for what works best.'

GIC, manager of more than US$100 billion (S$124 billion) of  
Singapore's reserves that invested in companies including Citigroup  
and UBS, is seeking to boost assets to tackle future crises and meet  
the country's long-term spending needs. GIC is ranked the world's  
eighth-largest state investment company by Sovereign Wealth Fund  
Institute. -- BLOOMBE