GIC reports 20% drop in asset value in latest fiscal year

Government of Singapore Investment Corporation (GIC) yesterday reported that its assets under management fell by more than 20% in the fiscal year to March 31, 2009, but said it has recovered around a half of those losses during the recent rally in global stockmarkets. "The market environment in 2008 was one of the most difficult faced by investors in the last 50 years," GIC deputy chairman Tony Tan Keng Yam said in the annual report. "Like all large institutional investors around the…