Local Universities Suffered Investment Losses
National University of Singapore has disclosed a loss of $677 million of dollars for its invested endowment fund in the year to March due to the financial crisis.
The hefty writedowns put Singapore's largest university $589 million into deficit for the year. That was despite $900 million in operating grants from the government, a 29 per cent increase from the previous year.
This loss is massive compared to Singapore Management University which reported a hit of $99 million in its endowment fund and another $58 million to its accumulated surpluses.
Nanyang Technological University has yet to report financial numbers but I don't think it will fare any better.
Why are we so obsessed with investing our money and trying to create more wealth? Investments are risky, even with experienced professionals and smartest brains running the show.
I rather they stay conservative in their approach, especially when these are public funds to be used for educating our next generation.
Posted at 6:48 PM | Labels: Singapore news |
2 comments:
i think not only singapore suffered the investment loss due to economy but other countries as well, and guess my country here is no better too.. :p
Yes, I think a lot of countries affected.
But will they learn a lesson and not invest so aggressively next time?
Or try to recoup the losses??
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