Singapore about to issue public consultation on asset management

During 2009 there was a lot of talk about changes to the Singapore exempt asset management designation that had seen the creation of a vibrant community of some 500 hedge fund management and advisory firms in Singapore.

Yesterday Bloomberg reported that a consultation paper would be issued within the next two weeks.  The Bloomberg article is here.

This is welcome news as the Monetary Authority (who are the regulator in this instance) have already implemented a number of changes in the way that they process new entrants into the Singapore exempt regime and the consultation, and ultimately any changes, would be expected to level the playing field and provide a more certain regulatory outlook for all firms wanting to do run a business from Singapore.

Singapore has many strengths as a hub for asset management including its substantial private banking and wealth management industry, the presence of major sovereign wealth funds and a safe and pleasant working environment all wrapped up in a business friendly tax environment.

We look forward to a review of the proposed changes and, given the history of Singapore, we are confident that they will be pragmatic and attractive while maintaining adequate protections for those investors that need it.