With new law, S'pore makes it easier for investment firms to park their funds

📆 15/01/2020 11:47:00
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New act comes as more Hong Kong-based asset managers are inquiring about opening offices in the republic. FMTNews Singapore VariableCapitalCompaniesAct

January 15, 2020 3:44 PM

While many asset managers have offices in Singapore, most of their funds are still registered in offshore jurisdictions. Singapore’s asset-management industry grew more than 5% to S$3.4 trillion in 2018, according to the Monetary Authority of Singapore. There was about US$74 trillion of assets under management globally in 2018, according to Boston Consulting Group Inc.

That means just a single set of service providers, financial statements and board of directors are required for multiple sub-funds, substantially cutting costs.

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