Singapore emerges as Asia’s HF Hub |
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October 11, 2007 |
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Singapore has eventually made its mark as a prime asset management location in Asia. According to a report by Investor Offshore, the city-state is home to over 100 hedge funds, managing assets of USD 16.5 billion. Hedge fund assets have more than doubled in the 1H07, while twenty new hedge funds were set up. Five of Singapore's funds have more than USD 1 bn in assets as per HedgeFund Intelligence. The Monetary Authority of Singapore revealed that the hedge fund
industry in the city-state has grown by 76% in 2006. As part of
the measures to boost growth in the financial services and asset
management sectors, Prime Minister and Minister for Finance, Lee
Hsien Loong announced tax incentives for asset and wealth management,
capital and treasury markets and captive insurance, in his 2006
budget. The main factor that fuelled the growth in asset and wealth
management was the speed with which hedge fund managers can set
up operations.
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