Email to SWFI on management of CPF monies, 9 May 2019

(Email to SWFI, 9 May)

I refer to your “Top 100 Largest Fund Rankings by Total Assets” which lists ‘GIC’ and ‘Central Provident Fund’ (CPF) at No. 70 and 92 respectively.  (Please note that as of 5 August 2019, GIC is ranked 76th and CPF no longer in the top 100 largest fund rankings by total assets.)

There appears to be an error (double count) because CPF funds are loaned to the Singapore government (non-tradeable Special Singapore Government Bonds) which are managed by GIC.

(For more info, refer to Singapore Ministry of Finance web page.  It has been confirmed in this mainstream media article, “CPF issue: GIC manages CPF monies along with other govt funds: DPM Tharman”, and others.)

Please confirm if it is indeed an error.


Phillip Ang

This entry was posted in CPF EMAIL, PM LEE, CPFB CEO, SWFI. Bookmark the permalink.

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