GIC, Singapore’s sovereign wealth fund, has opened a new office in Sao Paulo, Brazil to focus on investment opportunities in Latin America.
The new office will be headed by Wolfgang Schwerdtle, who has been with the GIC for five years.
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In his new role, Schwerdtle will be responsible for building business relationships in the region and actively seek investment opportunities for GIC.
GIC manages foreign exchange reserves of the Government of Singapore and invests in the public and private equity, real estate, healthcare, financial and business services, natural resources and infrastructure.
Lim Chow Kiat, chief investment officer of GIC, said: "Our presence in Brazil will enable our partners to engage early and interact closely with the GIC team, which is very beneficial for complex and sizeable investments.
"We believe our partners will gain from having access to GIC’s global network of business contacts and market insights. Although emerging markets remain volatile, we are confident of the long-term Latin America growth story."
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By GlobalDataAccording to the Sovereign Wealth Fund Institute, GIC ranks as the world’s eighth largest fund with $285 billion worth of assets.
