Performance and Growth FINANCIAL MARKET ACTIVITY Emergence of Niche Fund Managers In recent years, many new foreign fund managers have set up offices in Singapore (See Chart 11). They include hedge fund managers and other experienced fund management professionals who leave the bigger fund houses to operate in niche markets. Most of these fund managers are recent start-ups without established corporate track records and would not normally meet MAS’ licensing requirements for fund management. However, they are able to offer their fund management services in Singapore and be exempted from licensing by restricting their clientele to 30 accredited investors. MAS’ Boutique Fund Managers (BFM) Scheme has been in place since 1999 to grant fund management licenses to smaller fund managers with less than S$1 billion AUM globally. It was further expanded in 2004 to accommodate new start-ups founded by seasoned fund management professionals who can add depth to the fund management industry in Singapore. A total of 7 BFMs have been admitted under this Scheme since its inception.