Reuters – UBS has named Alastair Sclater to the new post of head of its Singapore prime brokerage, as the Swiss bank aims to build that business in Asia’s second-biggest centre for hedge funds.

Singapore, which competes with rival Asian financial centre Hong Kong, has attracted asset managers, private banks and hedge funds in recent years with tax incentives and strict secrecy rules.

The city-state also provides investors the opportunity to manage part of the more than $300 billion in assets held by its sovereign wealth funds GIC and Temasek.

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asia, asset-managers, assets, gic, hedge funds, hong kong, investors, prime brokerage, private banks, reuters, sclater, secrecy rules, singapore, swiss bank, tax incentives, ubs