The asset management sector in Singapore saw a surge in assets last year as it capitalised on the pandemic-induced restrictions imposed in rival domiciles such as Hong Kong and China.
According to the Monetary Authority of Singapore, assets under management rose by 16% to US$3.8 trillion.
This was greater than the global increase of 12%, which saw AuM rise to $112 trillion during 2021.
Singapore’s growth was led by the alternatives sector, which has experienced a 30% year-on-year jump. Growth in the AuM for private equity and venture capital funds was “robust” at 42% and 48%, respectively, stated the MAS.
The number of licensed and registered fund management firms in Singapore has also increased rose 15% to 1,108 as of last December, largely due to a number of tax breaks and financial incentives offered by the authorities in Singapore as well as the introduction of variable capital companies, a corporate structure launched in 2020.
According to the MAS, more than 660 VCCs were established as of October 14.
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