Earthtimes- Assets managed by hedge funds in Singapore shot up from 7.7 billion US dollars to 16.5 billion US dollars in the first half of this year, a HedgeFund Intelligence report said on Monday. Twenty new hedge funds set up shop in the city-state during ths six months, boosting the total to more than 100 for the first time.
“Growth of the industry in Singapore has steadily built up over the past few years,” The Business Times quoted Neil Wilson, managing director of London-based HedgeFund Intelligence, as saying.
HedgeFund Intelligence keeps track of funds worldwide. The industry in the city-state expanded faster than the global average of 19 per cent over the period. The average for Asia was 13 per cent.
Singapore, however, remains the smallest of major hedge fund centres in the Asia-Pacific region, Wilson said, citing Australia’s 38.6 billion US dollars, Hong Kong’s 28.3 billion and Japan’s 17.2 billion US dollars.
