Why GIC won't provide full portfolio disclosure

Sovereign wealth funds (SWFs) hold a major advantage over central banks in that they don't have to worry so much about asset liquidity – and yet some do not exploit this benefit, says Ng Kok-Song, chair of global investments at Singapore's biggest state investor. Being able to invest in illiquid assets and for the very long term – and hence being able to act at appropriate times in contrarian fashion – can help improve returns significantly, he notes. Ng was chief investment off…