Singapore's asset management segment is set to be given a boost with a wide-ranging tie-up that promises to train and equip job-seekers with foundational skills and competencies to secure attractive careers in the sector.

The Asset Management Trainee Program, launched by the Wealth Management Institute on Monday, is supported by the Monetary Authority of Singapore (MAS), Investment Management Association of Singapore (IMAS), Singapore Venture Capital & Private Equity Association (SVCA) and leading industry firms.

The structured training program, conducted by WMI, will last 6 to 8 months and will be fully integrated with on-the-job training with the industry, an announcement on Tuesday said. The curriculum content, developed with industry partners, reflects applicable, current and future skills, such as valuation, portfolio construction fundamentals, alternatives/private markets, data skills, fintech, impact investing and ESG.

Some 27 firms have also offered 120 traineeship opportunities to participants of the program: GIC, Allianz Global Investors, Amundi, Natixis Investment Managers, NN Investment Partners, Schroder Investment Management, Brookefield Asset Management, CVC Capital Partners, Hamilton Lane, KKR, TPG, Warburg Pincus, Openspace Ventures and Jungle Ventures, among others.

Fast-Growing Segment 

According to the announcement, over 100 fund managers, including traditional asset managers, hedge funds, private equity and venture capital, were licensed or registered by MAS last year, bringing the total number of regulated managers operating in Singapore to 895.

«With the accelerated pace of digitalization, positive outlook for private markets investing, and emerging trends such as Environmental, Social and Corporate Governance investing, the nature of jobs and skillsets required in asset management is evolving rapidly,» Jacqueline Loh, MAS deputy managing director (markets and development), said, adding that this industry collaboration will «support long-term capability building and continued healthy growth of the industry.»