MAS WITHDRAWS THE EXEMPT FUND MANAGER AND EXEMPT FINANCIAL ADVISER STATUS OF BOSTON ASSET MANAGEMENT PTE LTD

1 The Monetary Authority of Singapore (the “MAS”) withdrew the exempt fund manager and exempt financial adviser status of Boston Asset Management Pte Ltd (“BAM”) under section 99(6) of the Securities and Futures Act (Cap. 289) (the “SFA”) and section 23(10) of the Financial Advisers Act (Cap. 110) (the “FAA”) respectively, with effect from 28 January 2010. This means that BAM will no longer be permitted to undertake fund management activity or to provide financial advisory services in Singapore.

2 BAM was from 31 January 2001 exempt from the requirement to hold licences to provide:

(a) fund management services to not more than 30 qualified investors under paragraph 5(1)(d) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (the “SFR”); and

(b) financial advisory services to not more than 30 accredited investors under paragraph 27(1)(d) of the Financial Advisers Regulations (the “FAR”).

3 BAM had contravened the provisions of the SFA and the FAA on several occasions. It had repeatedly failed to furnish or was late in furnishing information and forms required by MAS.  Further, MAS found that BAM had failed to ensure its financial soundness and consequently, that it is a fit and proper person to conduct fund management and provide financial advisory services.  MAS has withdrawn the exempt status of BAM on the grounds of its contraventions of the SFA and the FAA, and in the public interest.

All financial institutions, whether licensed or exempt, must satisfy the fit and proper criteria at all times and comply with the relevant provisions of the SFA, SFR, FAA and FAR. All financial institutions should also ensure that they furnish to MAS all such information as MAS may reasonably require and submit the requisite forms to MAS within the time period stipulated.