Who manages our reserves?
Given their strategic importance, it is vital that we enhance the long-term value of our reserves. To achieve this, the assets are invested professionally and on a strictly commercial basis, with the aim of generating sustainable returns over the long term.
The Governments assets are mainly managed by GIC Private Limited. The Government also places deposits with the MAS; in turn, MAS as a statutory board holds its own assets on its balance sheet. In addition, the Government is the sole equity shareholder of Temasek Holdings (Temasek). Temasek owns the assets on its balance sheet.
Information on the Governments deposits with MAS is available at http://www.mas.gov.sg/Statistics/Reserve-Statistics/Monetary-Authority-Assets-and-Liabilities.aspx.
Monetary Authority of Singapore (MAS)
The MAS, as the central bank of Singapore, manages the Official Foreign Reserves (OFR) of Singapore. Information on the OFR is available here.
Being a central bank, MAS is the most conservative of the three investment entities, with a significant proportion of its portfolio invested in liquid financial market instruments.
GIC Private Limited
GIC is a professional fund management organisation that manages Government assets. Its objective is to achieve good long-term returns to preserve and enhance the international purchasing power of the reserves.
GIC is a fairly conservative investor, with a globally diversified portfolio spread across various asset classes. Most of its investments are in the public markets, with a smaller component in alternative investments such as private equity and real estate.
Temasek is an investment company managed on commercial principles to create and deliver sustainable long-term value for its stakeholders.
Temasek is an active, value-oriented equity investor that aims to maximise shareholder value over the long term.
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