What it Does: Globally, GIC makes investments in mature financial equities, developing economy equities, marginal bonds, cash, inflation-linked bonds, venture capital, and real estate.
Mission: Its goal is to achieve strong long-term yields above worldwide inflation over the transaction time horizon by preserving and enhancing the buying power of the assets on a global scale.
Size and Presence: GIC’s headquarters are in Singapore, and the firm has operations in ten major financial centres across the world. GIC has holdings in more than 40 countries.
Best Known For: Singapore's foreign reserves are managed by GIC, whose goal is to sustain and grow Singapore's long-term disposable income abroad.
The Good Bits: Nice people, a generally helpful and kind atmosphere, with a reasonable tempo than outside
The Not-So-Good Bits: Career advancement is based on how leaders view you, not how well your work is really done.
Although GIC was established in 1981, it has been a component of Singapore's bigger public finance strategy since the country's independence in 1965. The ideology is based on the idea that GIC should consider the concerns of both the present and the upcoming generations, rather than simply one year, one tenure of the government, or even one expansion at a time. Because of this, the authority is constrained by constitutional protections that set spending limits on capital growth, demand that its budgets be balanced over the course of each term, and protect money obtained through land sales by the government.
The third component of this strategy for state spending has been employing government resources for long-term profits. The first national income fund that was not financed by commodities profits was GIC, which was a novel concept. Dr. Goh Keng Swee, the then-Deputy Prime Minister and Chairman of the Monetary Authority of Singapore had the idea that the country would be best represented if the government removed surplus assets from the central bank's financial statement and placed them at risk for long-term gains.
GIC’s business values of caution, regard, honesty, achievement and excellence are expressed via diversity, equity, and inclusion (PRIME). GIC’s working style is firmly grounded in mutual respect and a clear sense of purpose.
Making inclusivity clear sends a message to GIC employees on the inside and to GIC’s global community that the firm can bring a variety of expertise and viewpoints – the company’s entire selves - to GIC as the firm works to make wise investments for Singapore. A diverse workplace fosters extraordinary contributions.
GIC developed a sense of mutual ownership with one another and when multicultural groups feel included.
GIC has stayed flexible in a world that is become more complicated and uncertain while maintaining GIC’s emphasis on long-term investing. In order to keep up with the changing investment environment, the firm established new investing capabilities, such as in capital markets, innovation, and green assets, and GIC broadened its regional coverage when new market possibilities occurred.
The GIC hiring process includes:
The average annual salary of a fresh graduate at GIC Singapore is SGD 30,000.
Through its business and investment activities, GIC is dedicated to assisting the world's transition to a net-zero economy. GIC thinks it's crucial to concentrate on having a good effect on the actual economy. In order to achieve this, actively supporting businesses as they transition to long-term sustainability is more beneficial than systematically exiting particular industry areas. For instance, GIC supports the adoption and expansion of green technology and actively interacts with portfolio firms on their strategies for the transition to a low-carbon economy. Long-term, such a strategy would provide greater value and more advantageous effects on the actual economy.
Singapore admitted that GIC and Temasek lost money as a result of Beijing's crackdown on the online education industry. The fintech juggernaut Ant Group, which was forced to abandon its US$35 billion offering due to a crackdown on the industry, was also an early investment for GIC.