SINGAPORE, March 10 (Reuters) - A Government of Singapore Investment Corp (GIC) official said on Tuesday he expects more forced selling of assets by investors in the next 12-18 months as the "de-leveraging" in financial markets continues.
GIC also sees investment-grade corporate bonds as more attractive than equities currently, the fund's director of economics and strategy Yeoh Lam Keong, told the Investment Management Association of Singapore conference.
"This is a very destructive process for assets," Yeoh said, showing a slide that indicated total write downs in the financial sector could reach $3.8 trillion by 2013 and that only about 30 percent of the losses had been booked so far.
GIC, one of the world's largest sovereign funds with an estimated $200 billion-plus in assets, had invested aggressively in troubled international lenders, picking up multi-billion-dollar stakes in Citigroup <C.N> and UBS <UBSN.VX>.
