Singapore GIC down 20%

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SINGAPORE - The Government of Singapore Investment Corp. (GIC) reported losses of 20% on its investments today for the year ended March 31, but said it has since recovered half of the year's losses on the back of rising equity markets.

The sovereign wealth fund said the results pulled down the 20-year rate of return in local currency to 4.4% from 5.8%. Chief investment officer Ng Kok Song said the scheme had moved to de-risk i...

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