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I REFER to Mr Yong Kum Thong's letter, 'GIC investment in Citi may not be that safe' (ST, Jan 22). The points he raised have indeed been taken into account in the GIC investment process.
Fund managers, including GIC, are in the business of calculated risk-taking. But we only take risks that are within the risk tolerance for the entire portfolio under our management, bearing in mind we are a long-term financial investor.
GIC's investment in Citi is made through convertible preferred securities, which give appropriate downside protection.
Jennifer Lewis (Ms)
Head, Communications
Government of Singapore Investment Corporation (GIC)
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