Out-Law News | 13 May 2021 | 6:47 am |
The Monetary Authority of Singapore (MAS) will collaborate with the private sector to develop Singapore’s asset management industry, it has said.
MAS is working with fund managers and service providers including lawyers, tax advisors, fund administrators and directors, to set up a new industry group that aims to identify emerging industry trends and set strategies to develop Singapore's asset management ecosystem, according to an MAS announcement.
The Singapore Funds Industry Group (SFIG) will build up four working groups that focus on infrastructure and innovation, policy, capabilities and training, and promotion and advocacy.
Singapore currently has more than 1,000 fund managers with S$4 trillion ($3.02tn) in assets under management by the end of 2019. Over 260 Variable Capital Companies (VCCs) have been set up in Singapore since the launch of the VCC framework in January 2020.