Singapore sovereign wealth firm widens its global coverage with the opening of an office in Sao Paulo, Brazil.

Government of Singapore Investment Corporation, the largest sovereign wealth fund in Singapore, has opened a new office in Brazil.

The Sao Paulo branch is the firm's tenth worldwide and reflects its commitment to growing in Latin America, the firm said in a statement. GIC invests in long-term value assets, such as real estate, health, financial and business services, natural resources and infrastructure. It has shareholdings in major international banks such as UBS and Citigroup. 

The Brazil group is headed by Dr Wolfgang Schwerdtle, who has been with GIC for five years. 

As at the end of 2013, around 44 per cent of GIC's portfolio is located in North and South America, while 25 per cent are in Europe and 28 per cent are in Asia. It manages 80 per cent of its business in-house.