The Singapore Clones; Temasek started as a novel experiment in state-run investing, but now its success is inspiring copycats.(state investment fund Temasek Holdings)
Newsweek International, March, 2005 by Kolesnikov-Jessop, Sonia
Byline: Sonia Kolesnikov-Jessop
If copying is the most sincere form of flattery, Singapore should be red in the face. Its Temasek Holdings was once a novel experiment: a state investment fund that molded renowned brands, like Singapore Airlines and SingTel. In recent years, as Temasek began to invest abroad, it was at first greeted by neighbors like Malaysia and Indonesia as an unwelcome foreign intrusion. But now several Asian states, including these detractors, are more or less openly trying to copy the Temasek model.
At a time when much of the world is questioning the free-market ideal, the appeal of a quasi-public investment vehicle is clear. It gives Asian political leaders a proven mechanism for directing investment and shaping national...
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