Singapore Airlines 2001 Annual Report Download - page 29

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Auspice Limited
Auspice, a Channel Islands-based
subsidiary, is responsible for the offshore
portfolio investment activities of the SIA
Group. Its funds are managed by six
external fund managers, with mandates
to invest in fixed income instruments. The
portfolios are denominated in US Dollars.
For the year ending 31 March 2001, funds
under management increased by 5.35
per cent (in Singapore Dollar terms). The
low return is attributable to the poor
performance of most of the major bond
markets, due to central bank rate hikes
at the beginning of the financial year.
Sing-Bi Funds Pte Ltd
Sing-Bi Funds Pte Ltd, a Singapore-based
subsidiary, is responsible for the regional
portfolio investment activities of the SIA
Group. Its funds are managed by three
external fund managers, with mandates
to invest in quoted bonds and equities
listed in regional markets. The portfolios
are denominated in Singapore Dollars.
During the year, the funds fell by
21.37 per cent. The decline can be
attributed to the poor performance of
the Asian equity markets caused by the
deflating technology bubble, surging
oil prices and the prospect of slowing
global economic growth.