Singapore remains threat to Hong Kong in fund management

Assets under management by fund managers in Singapore have reached new high of $1.4 trillion.

According to Peter Ong, Permanent Secretary for Finance, the $1.4 trillion represents a 13% YoY growth, while the five-year average growth rate for the industry was 16%.

The 2010 Singapore Asset Management Industry survey also revealed that over 80% of AUM was from international sources, with more than 60% of the total assets invested in the Asia-Pacific region.

These results reaffirm Singapore's position as a leading Asian investment centre for global investors.

There is a sizeable pool of regional and indigenous fund managers in Singapore. This is in addition to the top-tier global fund houses.

"Fund managers based in Asia are well-placed to provide these solutions and services to harness these opportunities," said Mr Ong. "Singapore's standing as an international financial centre will continue to be underscored by our high regulatory standards, robust governance and legal framework, world-class infrastructure, highly-trained industry professionals and the government's strong partnership with the industry."