Singapore wealth managers delighted as total assets surge to $2.4 trillion

Bulk of funds came from Asian clients.

Singapore-based wealth managers are flushed with cash after total assets under management (AUM) surged 30% to hit $2.4t in 2014.

Statistics released from the Monetary Authority of Singapore (MAS) showed that the number of registered and licensed fund managers increased by 38 to 591 managers.

Traditional asset managers were the biggest contributors and accounted for 76% of the net flows.

In 2014, 81% of total AUM was sourced from outside Singapore, compared to 77% in 2013. Of this, 54% was sourced from the Asia-Pacific, 19% from Europe and 18% from North America.

Over the last five years, the industry assets under management have expanded at a 14% compound annual growth rate.

"The robust growth was derived largely from positive asset inflows arising from Asia's growth dynamism and Singapore's position as a pan-Asian asset management hub,” the MAS said.