A new partnership between MAS and the private sector intends to boost Singapore’s value proposition as a leading full-service asset management and fund domiciliation hub.
The Monetary Authority of Singapore (MAS) is partnering fund managers and service providers including lawyers, tax advisors, fund administrators and directors, in a new industry group that aims to identify emerging industry trends and formulate strategies to develop Singapore's asset management ecosystem, according to an announcement on Tuesday.
The Singapore Funds Industry Group (SFIG) will have working groups that focus on infrastructure and innovation, policy, capabilities and training, as well as promotion and advocacy. Its executive committee is co-chaired by Kai-Niklas Schneider, managing partner, head of funds and investment group, Clifford Chance Singapore and Gillian Tan, MAS assistant managing director (development and international).
«Uniquely Positioned»
«Singapore is uniquely positioned to benefit from the current trend for funds to be domiciled alongside their managers in onshore jurisdictions with substance,» Schneider said in the announcement, citing the republic's business-friendly environment, robust regulatory framework, extensive double taxation treaty network and ecosystem of experienced service providers.
«SFIG will play a critical role in coordinating efforts of MAS and private sector stakeholders to continue to drive sustainable development and growth of the Singapore funds industry,» Schneider added.
Diverse Base
Singapore currently has more than 1,000 fund managers, with assets under management growing at a compound annual growth rate of 11 percent over the last five years to S$4 trillion ($3.02 trillion) at the end of 2019, the announcement said.
Additionally, more than 260 Variable Capital Companies (VCCs) have been set up in Singapore since the launch of the VCC framework in January 2020.
