Reuters Singapore- Assets managed by fund managers in Singapore grew 32 percent to S$1.173 trillion (431 billion pounds) last year, driven by a doubling in assets held by hedge funds, the central bank said on Thursday.

"This is the seventh consecutive year of double-digit year-on-year growth in total assets under management registered by Singapore-based asset managers," the Monetary Authority of Singapore said in a statement.

Singapore has invited asset managers, private banks and hedge funds to boost its fast-growing financial industry as it tries to reduce the economy’s reliance on manufacturing.

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