WEST PALM BEACH, FL (HEDGECO.NET) – The Central Bank of Singapore is considering whether to stop its program of helping to boost and grow the asset management industry. The bank places billions ofdollars in government reserves with institutional money managers; this program was developed to help grow the asset management industry of Singapore.
According to published reports, the Monetary Authority of Singapore [MAS] and the Government of Singapore Investment Corp have provided over US $2.1 billion of government money to private investment managers and hedge fund managers.
According to Ng Nam Sin, the executive director of MAS, the body charged with developing the Singaporean Financial Center, the asset management industry in Singapore has developed well, to the point that such support may no longer be needed. Sin said, �We are not too sure whether we need to continuously give out money. That might not be a long term strategy.� MAS will make the final decision, according to Sin, in 2005.
Such resources were used to develop the financial center of Singapore, by hiring international money managers, according to Sin. Singapore has hired about 134 international money managers to help in setting up the asset management center, including Fidelity Investments and Vanguard Group.
Singapore has been modernizing its hedge fund laws with the hope of becoming the leading hedge fund management country in the region. Other competitors in the Asian region include Hong Kong, Mainland China, and Japan. The alternative management industry in Singapore has come a long way; recently, the Alternative Investment Management Association [AIMA] announced the opening of its branch office in Singapore. This move comes amidst strong growth of hedge funds and other alternative investment instruments in the Asia Pacific region.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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