SINGAPORE - Assets under management by money managers in Singapore grew 13 percent to S$1.4 trillion ($1.13 trillion) last year, helped by a rise in the number of alternative investment firms in recent years, a senior government official said recently.
“In terms of jobs, the fund management industry employed close to 11,200 staff in 2010, of which about 2,700 were investment professionals,” permanent secretary for finance Peter Ong said at an asset management conference in Singapore.
Citing a survey by the Monetary Authority of Singapore, Ong said 51 percent of assets managed by fund managers in Singapore were invested in equities, 16 percent in fixed income, 12 percent in cash or money markets, 13 percent in alternative investments, and 8 percent in other mutual funds.
“There has also been a strong expansion of the alternative investment industry over the last few years,” Ong said.
“We now have a vibrant community of alternative investment managers running a wide variety of hedge funds, private equity funds and real estate funds, which add diversity and depth to the broader asset management industry in Singapore.” (Reuters)