Singapore Asset Management Survey 2022: $3.6 Trillion AUM, 1,194 Fund Management Companies, 969 VCCs, Private Equity & Venture Capital AUM $430 Billio
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Singapore Asset Management Survey 2022: $3.6 Trillion AUM, 1,194 Fund Management Companies, 969 VCCs, Private Equity & Venture Capital AUM $430 Billion, Hedge Fund $166 Billion, REIT $87 Billion, Real Estate $127 Billion, Collective Investment Schemes $93 Billion 3rd November 2023 | Hong Kong
The Monetary Authority of Singapore (MAS) has released the Singapore Asset Management Survey 2022, providing key insights into the asset management industry in Singapore in 2022. In 2022, the total Assets under Management (AUM) in Singapore is $3.6 trillion (S$4.9 trillion, 2021: S$5.4 trillion), with net inflow of $318 billion (S$435 billion), and a total 1,194 (+144) Registered & Licensed Fund Management Companies (FMCs). The AUM Source – Singapore 24%, APAC ex-Singapore 32%, North America 19%, Europe 10%, Rest of World 10%. The total AUM from outside Singapore – 76%. Investments by Region – Singapore 12%, APAC ex-Singapore 44%, North America 19%, Europe 13%, Rest of World 12%. Investments allocated outside of Singapore – 88%. AUM Type – Discretionary 52%, Advisory AUM 42%. Private Equity & Venture Capital AUM $430 billion, Hedge Fund AUM $166 billion, Real Estate Investment Trust (REIT) AUM $87 billion, Real Estate AUM $127 billion, Collective Investment Schemes AUM $93 billion. The no. of Fund Managers with ESG Strategies is 281. In 2022, there are 969 Variable Capital Companies (VCCs) (1,995 sub-funds) managed by 544 regulated FMCs. VCC Fund Strategies – PE & VC 40%, EAM & MFO 21%, Hedge Fund 19%, Traditional 16%, Others 4%. See below for key findings & summary | View report here
“ $3.6 Trillion AUM, 1,194 Fund Management Companies, 969 VCCs, Private Equity & Venture Capital AUM $430 Billion, Hedge Fund $166 Billion, REIT $87 Billion, Real Estate $127 Billion, Collective Investment Schemes $93 Billion “
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Singapore Asset Management Survey 2022
Singapore | Leading financial centre in Asia The Monetary Authority of Singapore (MAS) has released the Singapore Asset Management Survey 2022, providing key insights into the asset management industry in Singapore in 2022.
Summary:
Singapore Asset Management Survey 2022 1) Fund Management Companies & VCC
No of Registered & Licensed Fund Management Companies
- 2022 – 1,194 (+144)
- 2021 – 1,050
Variable Capital Company (VCC) Update
- No. of VCCs – 969 VCCs (1,995 sub-funds) managed by 544 regulated FMCs
- Re-domiciled VCCs – 18
- Fund Service Providers – More than 250 (including legal & tax advisors, fund administrators, corporate secretaries)
VCC Fund Strategies
- PE / VC – 40%
- EAM / MFO – 21%
- Hedge Fund – 19%
- Traditional – 16%
- Others – 4%
Key features of a VCC:
- A VCC has a variable capital structure that provides flexibility in the issuance and redemption of its shares. It can also pay dividends out of capital, which gives fund managers flexibility to meet dividend payment obligations.
- A VCC can be set up as a single standalone fund or an umbrella fund with two or more sub-funds, each holding a portfolio of segregated assets and liabilities. For fund managers that structure their funds as umbrella VCCs, there may be cost efficiencies from using common service providers across the umbrella and its sub-funds.
- A VCC can be used for both open-ended and closed-end fund strategies.
- Fund managers may incorporate new VCCs or re-domicile their existing overseas investment funds with comparable structures by transferring their registration to Singapore as VCCs.
- VCCs must maintain a register of shareholders, which need not be made public. However, this register must be disclosed to public authorities upon request for regulatory, supervisory and law enforcement purposes. (More info below)
2) Singapore Asset under Management (AUM)
2022 AUM – $3.6 trillion (S$4.9 trillion, 2021: S$5.4 trillion)
AUM Change in 2022:
- Total AUM: -10%
- Traditional AUM: -20%
- Alternatives AUM: -10%
- Net Inflow – $318 billion (S$435 billion)
Singapore AUM (SGD) from 2017 to 2022 (Past 6 Years):
- 2017 – S$3.2 trillion
- 2018 – S$3.4 trillion
- 2019 – S$3.9 trillion
- 2020 – S$4.6 trillion
- 2021 – S$5.4 trillion
- 2022 – S$4.9 trillion
3) AUM Source
Source of Funds:
- Singapore – 24%
- APAC ex-Singapore – 32%
- North America – 19%
- Europe – 10%
- Rest of World – 10%
AUM from outside Singapore – 76%
Investments by Region:
- Singapore – 12%
- APAC ex-Singapore – 44%
- North America – 19%
- Europe – 13%
- Rest of World – 12%
- Investments allocated outside of Singapore – 88%
4) AUM by Type
AUM Type:
- Discretionary AUM – 52%
- Advisory AUM – 42%
Alternatives AUM:
- Private Equity & Venture Capital – $430 billion (S$587 billion, +0.3%)
- Hedge Fund – $166 billion (S$227 billion, +1%)
- Real Estate Investment Trust (REIT) – $87 billion (S$120 billion, -16%)
- Real Estate – $127 billion (S$174 billion, -36%)
5) Collective Investment Schemes
Collective Investment Schemes (Authorized & Recognized):
- Total AUM in 2022 – $93 billion (S$127 billion)
- Authorized – $53 billion (S$73 billion)
- Recognized – $39 billion (S$54 billion)
Collective Investment Schemes AUM (SGD) from 2017 to 2022 (Past 6 Years):
- 2017 – S$101 billion
- 2018 – S$100 billion
- 2019 – S$128 billion
- 2020 – S$126 billion
- 2021 – S$134 billion
- 2022 – S$127 billion
6) ESG (Environmental, Social & Governance)
- No. of Fund Managers with ESG Strategies – 281
- AUM with ESG overlay – 55% (Total $3.1 trillion / S$4.2 trillion)
7) Key Developments
A) Develop capabilities in the asset management industry:
- Enhance governance standards for fund directors
- Build capabilities in emerging areas, e.g. ESG
B) Leverage distributed ledger technology to enhance efficiency:
- Fundnode – Industry-wide investment funds settlement utility
- ProjectGuardian – Explore native issuance of VCC on digital asset networks
C) Raise Singapore’s profile as a fund domiciliation hub:
- Engage global asset managers
- Collaborate with Singapore asset management industry
Variable Capital Company (VCC)
The Variable Capital Company (VCC) is a new corporate structure for investment funds constituted under the Variable Capital Companies Act which took effect on 14 Jan 2020. The VCC will complement the existing suite of investment fund structures available in Singapore. The VCC Act and subsidiary legislation is administered by ACRA. All VCCs must be managed by a Permissible Fund Manager.
Key features of a VCC:
- A VCC has a variable capital structure that provides flexibility in the issuance and redemption of its shares. It can also pay dividends out of capital, which gives fund managers flexibility to meet dividend payment obligations.
- A VCC can be set up as a single standalone fund or an umbrella fund with two or more sub-funds, each holding a portfolio of segregated assets and liabilities. For fund managers that structure their funds as umbrella VCCs, there may be cost efficiencies from using common service providers across the umbrella and its sub-funds.
- A VCC can be used for both open-ended and closed-end fund strategies.
- Fund managers may incorporate new VCCs or re-domicile their existing overseas investment funds with comparable structures by transferring their registration to Singapore as VCCs.
- VCCs must maintain a register of shareholders, which need not be made public. However, this register must be disclosed to public authorities upon request for regulatory, supervisory and law enforcement purposes.
Singapore Asset Management Survey 2022
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 2022, 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. 1,314 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).
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