Singapore’s MAS creates funds industry group

Singapore on the mapThe Monetary Authority of Singapore (MAS) has partnered with private sector firms in a bid to promote the country’s asset management sector. The Singapore Funds Industry Group (SFIG) will feature fund managers as well as other service providers including fund administrators, lawyers and tax advisers. According to a statement, the group will “identify emerging industry trends and formulate strategies to develop the asset management ecosystem”. There will be four working groups focused on infrastructure and innovation, policy, capabilities and training, and promotion and advocacy. The group’s executive committee will be co-chaired by Kai-Niklas Schneider, managing partner and head of funds and investment group at Clifford Chance Singapore and Gillian Tan, assistant managing director (development and international) at the MAS. The MAS is looking to capitalise on the recent growth of the sector. Over the last five years, assets under management have grown at a compound annual growth rate of 11% to exceed S$4 trillion (US$2.99 trillion). There have also been more than 260 variable capital companies (VCCs) established in Singapore since the launch of the VCC framework in January last year. “Singapore is uniquely positioned to benefit from the current trend for funds to be domiciled alongside their managers in onshore jurisdictions with substance,” said Schneider. © 2021 funds global asia

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