Singapore GIC is prepared for a period of heightened market uncertainty post-Brexit

SINGAPORE'S sovereign wealth fund GIC said on Friday it runs a long-term and diversified portfolio even though about 7 per cent of its portfolio is invested in the United Kingdom, making it the most exposed among Asian state investors after Britain's shock exit from the European Union (EU).

According to the Sovereign Wealth Fund Institute, GIC manages US$344 billion in assets, of which US$24 billion or 7 per cent of its portfolio is invested in the UK based on its latest annual report.

"GIC runs a long-term and diversified portfolio. We are prepared for a period of heightened market uncertainty," Lim Chow Kiat, deputy president and group chief investment officer at GIC, told The Business Times.

"What's most important to us is that markets remain open," he added.

On Friday, Asian financial markets headed for the steepest slump in five years as Britain's vote to leave the EU stunned investors and fuelled concerns over global growth.

Those who voted to leave the EU secured around 51.8 per cent of the vote, leading David Cameron to resign as prime minister in an emotional speech outside 10 Downing Street.

For more coverage of the EU referendum, visit bt.sg/BrexiT