Briefing on concerns at Singapore's sovereign wealth fund and on its public finances. 

• Temasek portfolio SGD198 billion; reports an average annual return of 17% for 35 years vs Singapore stock returns averaging less than 8%. Over 20 years, returns of 16% in SGD.
• GIC portfolio estimated near SGD 390 billion; annualised rolling 20‐year real rate of return of 6.8% in USD.
• RECENT DEBATE ON TRANSPARENCY & ACCOUNTABILITY REFLECTS SHIFTS IN THE POLITICAL‐ECONOMY?
• Singapore’s reserves are managed by three agencies – GIC, Temasek & the Monetary Authority of Singapore

Download here: POLECBrief_Temasek_Aug12