When is an SWF not an SWF?

Image via Wikipedia

For a secretive kind of outfit, Temasek is certainly generating a lot of publicity these days. Following the storm of media interest last week over news of the sudden departure of its chief executive-designate Chip Goodyear, the Singaporean state investment agency is again in the news.

This time, the Temasek newsmaker is none other than Ho Ching, the SWF’s low-profile chief executive, wife of Singapore’s prime minister and a renowned shunner of media interviews.

In a rare public appearance on Wednesday, Ho in a speech in Singapore acknowledged that the value of Temasek’s assets may have slumped by more than S$40bn ($27.7bn) in the year through March. The fund had predicted last year a 16 per cent probability that the value of its assets may drop by more than S$40bn in the year through March, she said.