Singapore's Government Investment Corporation GIC has begun to reorganize the process by which it monitors, screens and selects external fund managers. The institution has created a new 'external fund management department' that consolidates work previously spread among other, lower-ranked divisions. The upgrade to departmental status within the bureaucracy means more resources and highlights the importance the GIC places on extracting value from external money managers.
The GIC says it manages over $100 billion in assets, and that its external outsourcing program totals S$26 billion $15 billion, making it probably the biggest single client in Asia ex-Japan for fund houses.
The new department will be run by...
