Data on Expense Ratio for Management Costs against Asset Under Management for Temasek Holdings, GIC and MAS

Parliamentary Question by Mr Chua Kheng Wee Louis:

To ask the Prime Minister and Minister for Finance (a) whether the Government has data on the expense ratio, as expressed by management costs against assets under management for funds managed by each of Temasek Holdings, GIC and MAS in each year over the past ten years; and (b) if so, whether the Government has data on the relative returns earned by the respective funds before and after management costs during the relevant annual periods.

Parliamentary Reply by Second Minister for Finance, Mr Chee Hong Tat:

We had previously addressed related questions in this House, and the Member may want to refer to the Hansard records for more information. 

The two investment entities, GIC and Temasek, publish net returns, which are returns after investment fees and expenses have been deducted. MAS publishes its investment gains before deducting investment fees and expenses, and net profits after deducting all expenses. MAS adopts a different approach from the investment entities, as its mandate extends beyond reserve management to include monetary policy formulation and implementation, supervision and development.