Singapore Asset Management Industry Grew 12% in 2002 Despite Difficult Global Environment
Singapore, 19 June 2003 Despite the difficult global environment, total Assets Under Management (AUM) in Singapore grew a healthy 12% last year, according to the 2002 Asset Management survey conducted by the Monetary Authority of Singapore (MAS). The survey released today shows that Singapore-based financial institutions managed a total of S$343.8 billion as at end-2002, comprising S$183.4 billion of discretionary assets and S$160.4 billion of non-discretionary assets.
2 The increase in AUM can be attributed to various factors: transfers of regional portfolios to Singapore for management and continued expansion of management and advisory activities for the pan-Asian portion of global mandates. This trend is also in sharp contrast to the state of the global fund industry, where generally asset values have declined across the board. It is estimated that globally, professionally managed assets fell 8% last year .
3 Singapore's asset management industry has expanded in depth and breadth. In addition to portfolio management and research, asset managers have further centralised operations such as regional trading and back office functions in Singapore.