Original Article on The New York Times

The Government of Singapore Investment Corp. will convert 11 billion Swiss francs ($10.33 billion) worth of UBS notes into shares next month at a price that may erode the value of the sovereign wealth funds stake in the Swiss bank by 70 percent, Reuters reported.G.I.C., which manages over $200 billion in assets, was one of the first sovereign funds to pump billions into Western banks, resulting in deep losses during the financial crisis.The potential loss is likely to draw fire from Singaporeans, who have been highly critical of sister wealth fund Temasekafter it lost heavily betting on Western banks such as Bank of America-Merrill Lynch and Barclays.G.I.C., which invested in UBS two years ago, will exchange the mandatory convertible notes ...(read more)