To enhance Singapore’s value proposition as an asset management and funds domiciliation hub, MAS is partnering with industry stakeholders within the funds ecosystem to establish the Singapore Funds Industry Group (“SFIG”).
SFIG brings together all the key players across the entire asset management value chain, including not just fund managers but also service providers such as lawyers, tax advisors, fund administrators and directors. SFIG will identify emerging industry trends and formulate strategies to develop the asset management ecosystem.
SFIG has been established with the following objectives:
Source: World Justice Project Rule, World Bank, Global Innovation Index 2019, Network Readiness Index 2019
ESG asset managers in Singapore continued to accelerate their ESG adoption with 40% of assets managed incorporating ESG considerations. In line with global trends, ESG integration and negative screening are the most practiced ESG-related investment strategies by asset managers in Singapore, comprising about 66% of ESG AUM.
Co-location: Singapore has over 1,000, licensed and regulated managers on the ground, supported by a wide range of professional service providers, all in the same domicile.
Singapore is a well-diversified asset management ecosystem with S$4 trillion of assets under management (AUM) as of end 2019 and is also a leading wealth management centre and congregation hub for family offices and global public investors to anchor their investment teams to access regional investment opportunities.
As of end 2019, Alternative assets under management, represented by strategy, were as follows: Private Equity S$243bn, Hedge Funds S$199bn, Real Estate S$142bn, REITS S$126bn and Venture Capital S$11bn.
Over the last five years, AUM in Singapore expanded at a steady 11% compound annual growth rate (“CAGR”).
Singapore continues to serve as the natural Global-Asia gateway for asset managers and investors with more than two-thirds of its AUM being invested into the Asia Pacific region.
33% of AUM was sourced from Asia Pacific excluding Singapore, 18% from North America and 17% from Europe, further demonstrating Singapore’s role in serving both regional and international investors.
More than 250 VCC’s have been established by leading global and regional fund managers to co-locate their fund management and domiciliation activities in Singapore, to enhance the substance of their activities.
Over the years, different industry associations and various stakeholders in the funds industry in Singapore have worked closely with the Monetary Authority of Singapore to develop the ecosystem. The formation of SFIG will strengthen this public-private collaboration for the asset management industry to come together to drive cross-sectoral initiatives and provide opportunities to allow:
The Monetary Authority of Singapore (MAS) is the central bank of Singapore and integrated financial regulator. MAS also works with the financial industry to develop Singapore as a dynamic international financial centre. Their mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre.
The Alternative Investment Management Association (“AIMA”) represents the global alternative investment industry. 2,000 corporate members are spread across 60+ countries with $2 trillion+ hedge fund and/or private credit assets of manager members. Founded in 1990, with the Singapore Chapter being established in 2006, its core objective is to provide leadership to the alternative investment industry and to be its pre-eminent voice globally.
The Investment Management Association of Singapore (IMAS) was formed in 1997 and is a representative body of investment managers spearheading the development of the industry in Singapore. Its mission is to spearhead the development of the industry in Singapore by fostering high standards of professionalism amongst practitioners and creating public awareness of, and interest in the industry.
The Singapore Venture Capital & Private Equity Association (SVCA) was formed in 1992 to promote the development of the venture capital (VC) and private equity (PE) industry. Its mission is to foster greater understanding of the importance of venture capital and private equity to the economy in support of entrepreneurship, innovation, and growth, and to represent the interests of ther members in the broader VC and PE community.
Founded in 2007, the Singapore Fund Administrators Association (SFAA) was established with the mission of driving the growth and standard of fund administration in support of Singapore's development as a global asset management hub. The SFAA serves as a central platform for fund administrators to discuss and push forward industry issues as a collective voice.
Established in 2020, the Singapore Fund Directors Association (SFDA) was formed with the mission to be Singapore's premier body representing fund directors to foster long-term success through advocacy and standards-setting in corporate governance, and professional development for fund directors.
Assistant Managing Director, Development and International Group, MAS
Managing Partner, Head of Funds and Investment Group, Clifford Chance Singapore
Gillian Tan is the Assistant Managing Director of the Development and International Group, overseeing MAS’ strategies to develop Singapore as an international financial centre as well as MAS’ international relations and engagements. Prior to this appointment, Ms Tan was Executive Director of the Financial Markets Development Department, which aims to promote a vibrant financial market in Singapore, with a focus on developing the capital market, asset management and insurance sectors as well as green finance capabilities and solutions. From 2016-2019, she served as Executive Director of the Enforcement Department, which is responsible for investigating and enforcing breaches under the laws administered by MAS, including anti-money laundering regulations and market misconduct offences.
Kai-Niklas Schneider is the Managing Partner of the Clifford Chance Singapore office and head of the Funds and Investment Management group in Singapore. He is a US qualified lawyer with over 20 years of specialist experience in the funds sector and advises clients on the formation of and investment in a wide variety of private equity funds, real estate funds, infrastructure funds and credit funds. Kai is the Chair of the Singapore Academy of Law’s Promotion of Singapore Law Committee (Funds Sub-Committee) and a member of the Advocacy Subcommittee of the Singapore Venture Capital & Private Equity Association (SVCA) and the Singapore Executive Committee of the Alternative Investment Management Association (AIMA).
Chairman, Alternative Investment Management Association Singapore
Chairman, Investment Management Association of Singapore
Chairman, Singapore Venture Capital & Private Equity Association
Chairman, Singapore Fund Administrators Association
Chairman, Singapore Fund Directors Association
Ross is currently General Counsel Asia for Millennium Management, advising on Millennium’s trading, operations and activities in the Asia Pacific region. He has over 20 years’ experience advising in the financial services industry. He has specific expertise and experience in advising on derivatives and capital markets, complex regulatory investigations, corporate restructuring and litigation. Prior to joining Millennium Ross was the General Counsel Asia Pacific for RBS plc and was a board Director of several of RBS’s banking subsidiaries in the region.
Susan Soh is Co-Head of Asia Pacific and CEO Singapore for Schroders, with almost 30 years of financial industry experience, spanning across different areas of investment banking before specialising in asset management. She has been instrumental in driving Schroders’ success with central banks, national pensions and national institutions in Southeast Asia. In the retail mutual fund distribution industry, she led Schroders to become one of the market leaders in Singapore, Malaysia and Thailand. Currently serving as a Member of the Singapore Green Finance Centre’s Advisory Board, the Chair of the Investment Management Association of Singapore (IMAS), and Council Member of Institute of Banking & Finance (IBF) since April 2019, Susan holds a Bachelor of Accountancy from National University of Singapore.
Sanjay Gujral is Chief Business Officer at the Everstone Group, that operates across private equity, real estate, green infrastructure, private credit and venture capital. Prior to re-joining Everstone in 2018, Sanjay was Regional Managing Director at L Catterton Asia. He started his investing career with Everstone in 2006, prior to moving to L Capital in 2011. Previously, Sanjay spent 11 years in corporate finance advisory with Andersen, EY and Ambit. He received his post-graduate diploma in management from IIM Bangalore and is a commerce graduate from SRCC, Delhi University. Sanjay has been a Board member at SVCA since 2015, and served as Hon. Treasurer from 2019-21, prior to being elected Chairman in April 2021.
Ashmita Chhabra is a Managing Director at Apex Group Ltd, a top tier global financial services firm. Based out of Singapore, she oversees the business development strategy for Asia Pacific. She has over 15 years’ experience working with asset allocators and fund managers in the alternatives funds sector. Prior to joining Apex, Ashmita spent a decade building the global alternatives research business at Eurekahedge, a subsidiary of Mizuho Bank with sales teams in Singapore and New York. Ashmita has a Masters in Economics from the National University of Singapore, Bachelors in Business & Commerce from Delhi University India and holds an Executive Programme Certification in Mastering Alternatives Investments from INSEAD. She is also Chairman of the Singapore Fund Administrators Association.
Martin O’Regan is managing director of Solas Fiduciary Services, providing truly independent directorship service, based in, and privately owned in Asia. With over 20 years of experience in investments funds and other alternative investment vehicles, Martin has held senior roles for Deutsche, Citi, Apex and UBS at Bermuda, Dubai, Cayman Islands, Hong Kong, and Singapore. Martin is licensed as a director with the Cayman Islands Monetary Authority (CIMA). He is also Chairman of the Singapore Fund Directors Association (SFDA).
Partner, APAC Asset and Wealth Management Leader, PwC Singapore
Partner, Financial Services Tax Leader, APAC, Ernst & Young
Co-head, Funds and Investment Management Group, Rajah & Tann
Founder and CEO, Gordian Capital Singapore
Chief Investment Officer and Founding Partner, Dymon Asia
Justin is the PwC Asset & Wealth Management (AWM) Leader for Asia-Pacific and has more than 29 years of experience working with asset managers in Singapore, London and Continental Europe, including two years in Luxembourg advising Asian asset managers on market entry and fund distribution in Europe as well as European managers and asset servicers around opportunities in Asia. He has a Bachelor of Economics degree from Monash University, Australia and holds the Investment Management Certificate (IMRO Full Version) issued by the Institute of Investment Management and Research (UK). He is a Chartered Accountant of the Institute of Singapore Chartered Accountants and Certified Practising Accountant (CPA) of the Australian Society of Institute of Certified Practising Accountants.
Amy Ang is a tax partner based in Singapore, leading the EY Financial Services Tax Practice across Asia Pacific. In this role, she leads the delivery of EY tax services to clients in the financial services industry across Asia Pacific. Amy has more than 20 years of experience as a tax advisor, specialising in the Asset Management, Banking and Capital Markets, and Insurance. She works closely with clients, industry players and authorities, and regularly speaks to media and with industry bodies. She is known to provide pragmatic tax advice with a commercial lens and is actively consulted on tax changes impacting the Asia Pacific region and specifically on the impact on funds and financial institutions.
Arnold joined Rajah & Tann Singapore LLP as a partner in 1999. His primary focus is in investment funds and related regulations. He co-leads the Funds & Investment Management Practice Group that provides advice on fund management and investment advisory services, and generally on the establishment of both onshore and offshore investment funds. Arnold has been named as a leading lawyer for private funds and regulatory matters by Who’s Who Legal, Chambers Asia Pacific and Euromoney's Guide to the World’s Leading Investment Funds Lawyers. His team represents a broad cross section of investment managers in Singapore across various asset classes, as well as wealth management departments of banks, fund administrators, investment fund distributors, trustees and custodians.
With almost four decades of experience based in Asia, Mark is founder and CEO of Gordian Capital Singapore (est. 2005), Asia’s leading independent alternatives institutional platform and fund structuring specialist (AUM US$6.2bn) where he has structured and launched over 100 funds (hedge, private equity, venture capital, real estate, and private credit). Mark is registered with the MAS as a Registered Representative, ASIC and the US SEC, is a Member of the Australian Institute of Company Directors (AICD) and the International Bar Association (IBA). He represents Gordian Capital as a member of AIMA, SVCA, IMAS and AVPN. Holding both Australian and Swiss citizenship, he studied Economics and Japanese at Monash University and is a fluent Japanese speaker.
Danny Yong is the CEO and CIO of Dymon Asia Capital. He is CIO of the firm’s flagship Multi-Strategy Investment Fund (MSIF). Before founding Dymon Asia in 2008, Danny was a founding partner and CIO of Abax Global Capital, a hedge fund based in Hong Kong. Previously a Managing Director at Citadel Investment Asia, Danny established and ran the Asia Macro trading business from 2005 to 2007. Prior to Citadel, he was Head of Trading for South East Asian FX and Derivatives at Goldman Sachs, where he spent almost six years in its Hong Kong and Tokyo offices. Danny started his trading career at JP Morgan in 1997. He is Chairman of The Majurity Trust, a philanthropic organization in Singapore.