MAS Singapore Asset Management Survey 2021: $4 Trillion AUM, 1108 Fund Mgmt Firms, $865 Billion in Alternatives, 660 VCCs & 1,300 Sub-Funds by 420 Fir

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MAS Singapore Asset Management Survey 2021: $4 Trillion AUM, 1108 Fund Mgmt Firms, $865 Billion in Alternatives, 660 VCCs & 1,300 Sub-Funds by 420 Firms

23rd October 2022 | Hong Kong

Singapore central bank Monetary Authority of Singapore (MAS) has released the Singapore Asset Management Survey 2021, providing key data & insights into Singapore asset management industry.   In 2021, Singapore asset management industry manages around $4 trillion AUM (S$5.4 trillion, +16%) with a total of 1,108  licensed & registered fund management companies (+146, 2020: 962).  Globally, the asset management industry manages around $112 trillion AUM (+12%), with Singapore representing 3.5% ($4 trillion) of global AUM.  Of the $4 trillion AUM in Singapore, 22% is from Singapore and 78% is from outside of Singapore.  10% of the investments are allocated in Singapore, and 90% are allocated outside of Singapore.  $862 billion AUM (21.5%, of $4 trillion) is in Alternatives – Private Equity (43%, $375 billion), Venture Capital (1.9%, $16.9 billion), Hedge Fund (20%, $181 billion), Real Estate (22%, $193 billion), REIT (11%, $101 billion).  The global Private Credit AUM in 2021 is $1.21 trillion and is expected to grow to more than $2 trillion by 2025.  ESG AUM in Singapore is around 58% of S$5.23 trillion, with the no. of Asset Managers offering ESG Strategies at 279 (2020: 240).  Updated on 14/10/22, there are more than 660 Variable Capital Companies (VCC) in Singapore, with 1,300 sub-funds by 420 regulated fund management companies, and supported by more than 220 fund service providers.  The VCC fund strategies are Private Equity / Venture Capital (33%), EAM / MFO (28%), Hedge Fund (20%), Traditional (14%), Others (5%).  The Variable Capital Company (VCC) is a new corporate structure for investment funds in Singapore.  It can be formed as a single standalone fund, or as an umbrella fund with 2 or more sub-funds, each holding different assets.  See more key highlights & summary below.  View the full report here.   (AUM ~ Assets under Management)

” Global AUM at $112 trillion, Singapore AUM at $4 trillion representing 3.5% of global AUM. 1108 Fund Mgmt Firms, Alternatives AUM $862 billion, representing 21.5% of $4 trillion. 660 VCCs & 1,300 Sub-funds by 420 firms “

 

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Singapore MAS Statement: Looking ahead, full year AUM growth in 2022 is expected to moderate as investors turn cautious on geopolitical and macroeconomic risks. Notwithstanding this, we continue to see keen interest from global and regional asset managers to set up office in Singapore, and/or to designate Singapore as one of the key nodes of their global operations, to tap into the strong network of private wealth managers, family offices and institutional asset owners, as well as investment opportunities in Asia. With Singapore’s vibrant asset management ecosystem, we will continue to play an important role in serving and intermediating international investors and capital flows, to support Asia’s growth and net-zero transition needs.

 

MAS Singapore Asset Management Survey 2021 Singapore | Leading financial centre in Asia

Key Findings

• 2021 Global Asset Management AUM: $112 trillion (+12%)
• 2021 Singapore AUM: $4 trillion (S$5.4 trillion, +16%, 3.5% of global AUM)
• No. of licensed & registered fund management companies in 2021: 1108, +146 (2020: 962)
• SG Source AUM: 22% from Singapore, 78% from Outside Singapore 
• SG Source of AUM: Singapore (22%), APAC Ex-SG (31%), Europe (16%), North America (22%), Rest of World (9%)
• Allocation of Investments in Singapore: 10% in Singapore, 90% Outside of Singapore
• Allocation of Investments: Singapore (10%), APAC Ex-SG (45%), Europe (13%), North America (21%), Rest of World (11%)
• Investment Type: Discretionary (52%), Advisory (48%)
• 2021 Net AUM Inflow: $312 billion (S$448 billion)

Key Findings on Alternatives, Private Credit, Collective Investment Schemes, ESG

• Alternatives AUM: $862 billion (21.5% of $4 trillion)
• Alternatives AUM %: Private Equity (43%), Venture Capital (1.9%), Hedge Fund (20%), Real Estate (22%), REIT (11%)
• Alternatives AUM: Private Equity ($375 billion), Venture Capital ($16.9 billion), Hedge Fund ($181 billion), Real Estate ($193 billion), REIT ($101 billion)
• Global Private Credit AUM 2021: $1.21 trillion (AUM 2025: > $2 trillion)
• Private Credit Advantage: Flexible financing solution for distressed companies, Mitigate sensitivity to inflation & rise in interest rates, Retain control & ownership (compared to Private Equity deals)
• Singapore MAS initiatives to grow private credit: Anchor high calibre private credit managers, Deploy additional $1 billion to private credit managers, Deepen ancillary services ecosystem to support private credit activity within the region 
• Collective Investment Schemes (CIS) AUM: $94.6 billion (2.3% of $4 trillion)
• Authorised CIS: $58 billion / 62% (S$83 billion, Authorised – constituted in SG)
• Recognised CIS: $36 billion / 38% (S$51 billion, Recognised – constituted outside SG)
• ESG AUM: 58% of S$5.23 trillion
• No. Asset Managers offering ESG Strategies: 279 (2020: 240)

Key Findings on Variable Capital Company (VCC) in Singapore:

• No. Of VCCs (14/10/22): > 660 VCCs
• VCC sub-funds: 1,300 by 420 regulated fund management companies 
• Re-domiciled VCCs: 15 
• Fund Service Providers: >220 (including legal and tax advisors, fund administrators, corporate secretaries)
• VCC Fund Strategies: Private Equity / Venture Capital (33%), EAM / MFO (28%), Hedge Fund (20%), Traditional (14%), Others (5%) 

 

1) MAS Singapore Asset Management Survey 2021 Overview:

Singapore AUM:

• 2021 Global Asset Management AUM: $112 trillion (+12%)
• 2021 Singapore AUM: $4 trillion (S$5.4 trillion, +16%, 3.5% of global AUM)
• No. of licensed & registered fund management companies in 2021: 1108, +146 (2020: 962)
• SG Source AUM: 22% from Singapore, 78% from Outside Singapore 
• SG Source of AUM: Singapore (22%), APAC Ex-SG (31%), Europe (16%), North America (22%), Rest of World (9%)
• Allocation of Investments in Singapore: 10% in Singapore, 90% Outside of Singapore
• Allocation of Investments: Singapore (10%), APAC Ex-SG (45%), Europe (13%), North America (21%), Rest of World (11%)
• Investment Type: Discretionary (52%), Advisory (48%)
• 2021 Net AUM Inflow: $312 billion (S$448 billion)

Allocation of Investments:

• Singapore – 10%
• APAC (Exclude SG) – 45%
• Europe – 13%
• North America – 21%
• Rest of World – 11%

Source of AUM: 

• Singapore – 22%
• APAC (Exclude SG) – 31%
• Europe – 16%
• North America – 22%
• Rest of World – 9%

Discretionary vs Advisory:

• Discretionary: 52%
• Advisory: 48%

Net AUM inflow:

• 2021: $312 billion (S$448 billion)
• 2020: $273 billion (S$387 billion)
• 2019: $184 billion (S$261 billion)
• 2018: $117 billion (S$166 billion)
• 2017: $155 billon (S$220 billion)
• 2016: $81 billion (S$116 billion)

 

2) Alternatives / Investments / CIS / ESG

• Total AUM: $4 trillion
• Alternatives AUM: $862 billion (21.5%)

Alternatives AUM:

• 2021: $862 billion (S$1.22 trillion)
• 2020: $669 billion (S$947 billion)
• 2019: $509 billion (S$721 billion)
• 2018: $456 billion (S$646 billion)
• 2017: $395 billion (S$560 billion)
• 2016: $337 billion (S$478 billion)

Alternatives Asset Class AUM by % of Alternatives AUM ($862 billion):

• Private Equity – 43%
• Venture Capital – 1.9%
• Hedge Fund – 20%
• Real Estate – 22%
• REIT – 11%

Alternatives AUM by Asset Class ($):

• Private Equity – $375 billion (S$531 billion, +42%, 2020: S$375 billion)
• Venture Capital – $16.9 billion (S$24 billion, +48%, 2020: S$16 billion)
• Hedge Fund – $181 billion (S$257 billion, +30%, 2020: S$197 billion)
• Real Estate – $193 billion (S$274 billion, +24%, 2020: S$221 billion)
• REIT – $101 billion (S$143 billion, +4%, 2020: S$138 billion)

Global Private Credit

• AUM 2021: $1.21 trillion
• AUM 2025: More than $2 trillion (Forecast)

Private credit as an asset class:

• Flexible financing solution for distressed companies 
• Mitigate sensitivity to inflation & rise in interest rates
• Ability for companies to retain control & ownership as compared to Private Equity deals

Singapore MAS initiatives to grow private credit in Singapore:

• Anchor high calibre private credit managers in Singapore 
• Deploy additional US$1 billion to private credit managers under Private Markets Programme 
• Deepen the ancillary services ecosystem to support private credit activity within the region 

Collective Investment Schemes (CIS)

• Total AUM: $4 trillion
• CIS AUM: $94.6 billion (2.3%)

Collective Investment Schemes (CIS) AUM:

• 2021: $94.6 billion (S$134 billion)
• 2020: $89 billion (S$126 billion)
• 2019: $90 billion (S$128 billion)
• 2018: $70 billion (S$100 billion)
• 2017: $71 billion (S$101 billion)
• 2016: $57 billion (S$82 billion)

CIS AUM Breakdown:

• Authorised CIS: $58 billion / 62% (S$83 billion, Authorised – constituted in SG)
• Recognised CIS: $36 billion / 38% (S$51 billion, Recognised – constituted outside SG)

ESG:

• ESG AUM – 58% of S$5.23 trillion
• No. Asset Managers offering ESG Strategies – 279 (2020: 240)

 

3) Variable Capital Company (VCC)

The Variable Capital Company (VCC) is a new corporate structure for investment funds in Singapore.  It can be formed as a single standalone fund, or as an umbrella fund with 2 or more sub-funds, each holding different assets.

• No. Of VCCs (14/10/22) – More than 660 VCCs
• VCC sub-funds – 1,300 by 420 regulated fund management companies 
• Re-domiciled VCCs  – 15 
• Fund Service Providers – More than 220 (including legal and tax advisors, fund administrators, corporate secretaries)

VCC Fund Strategies

• Private Equity / Venture Capital – 33%
• EAM / MFO – 28%
• Hedge Fund – 20%
• Traditional – 14%
• Others – 5% 

EAM ~ External Asset Manager, MFO ~ Multi-Family Office

 

Singapore MAS Statement:

Looking ahead, full year AUM growth in 2022 is expected to moderate as investors turn cautious on geopolitical and macroeconomic risks. Notwithstanding this, we continue to see keen interest from global and regional asset managers to set up office in Singapore, and/or to designate Singapore as one of the key nodes of their global operations, to tap into the strong network of private wealth managers, family offices and institutional asset owners, as well as investment opportunities in Asia. With Singapore’s vibrant asset management ecosystem, we will continue to play an important role in serving and intermediating international investors and capital flows, to support Asia’s growth and net-zero transition needs. 

 

About the Report 

The Monetary Authority of Singapore (MAS) releases an annual update of the Singapore asset management industry for the calendar year ending 31 December. Data presented in this report is collected from MAS’ annual survey of the asset management industry.  This report provides key data on Singapore’s asset management industry for the calendar year ending 31 December 2021, and highlights key areas of development. Financial institutions surveyed include Banks, Finance and Treasury Centres, Capital Markets Services licensees (including REIT managers), Financial Advisers, Insurance Companies, Operational Headquarters and Exempt Entities, but excludes direct investments by government-related entities. 1,061 respondents participated in the survey. The methodology adjusts for double counting among reporting entities that may have reported the same AUM mandates (e.g. a fund of funds manager investing with a Singapore-based asset manager). 

2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

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