Singapore’s sovereign wealth fund, Government Investment Corporation, has pledged to be more transparent after recent large investments in UBS and Citi have prompted concerns about the level of control it will seek to exert on the institutions. After the fund’s investment in UBS it publicly stated that it was only interested in a financial return and refused the offer to nominate a member of the board. GIC has been criticised for being secretive, but fund deputy chairman Tony Tan said it is helping co-ordinate an effort by the International Monetary Fund to agree common standards for sovereign wealth funds. Mr Tan said the Singapore fund is being joined by funds from Abu Dhabi and Norway. Analysts estimate that GIC, which has invested a total of $16 billion in UBS and Citi, manages three times the $100 billion that the organisation itself claims.