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Singapore's sovereign wealth fund, GIC Pte. Ltd., is reducing its stake in UBS Group AG from 5.1% to 2.7%, incurring a significant loss on its ill-fated investment. The fund initially invested around $11 billion in UBS in 2008 to help strengthen the bank's capital before the global financial crisis. Since then, UBS shares have declined more than 50%, and GIC's ownership has been diluted through subsequent capital raisings.
Monday, 15 May, 2017