Singapore's sovereign wealth fund GIC CEO Lim Chow Kiat spoke in an interview to accompany publication of the fund's annual report

Said the fund was turning cautious

  • Expected returns to slow over the next decade
  • Citing high valuations, uncertainty over monetary policy, along with modest economic growth
  • "Compared to last year, the world has become more uncertain ... but the market seems quite happy
  • I hope the market is right, but we are cautious."

More at the WSJ (may be gated) and Reuters (ungated)