http://www.ft.com/cms/s/1/fc235b10-50df-11de-8922-00144feabdc0.html?ftcamp=rss

Few fund managers have been spared the ignominy of writing occasionally apologetic letters to investors. Temasek, Singapore’s investment agency, has an enviable track record and, with the government its sole shareholder, has rarely had to face tough public questioning. Not any more.