Reply to Parliamentary Question on family offices registered in Singapore
QUESTION NO 1905
NOTICE PAPER 1215 OF 2022
FOR WRITTEN ANSWER
Date: For Parliament Sitting on 4 July 2022
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, MP, Sengkang GRC
To ask the Prime Minister in each of the last five years and year-to-date, what is (i) the number of family offices registered in Singapore (ii) their aggregate business spending (iii) the amount of assets under management (AUM) held and (iv) the amount of their AUM invested locally.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. As Single Family Offices (SFOs) do not manage third party monies, they are not required to be registered or licensed by the Monetary Authority of Singapore (MAS). As such, MAS does not have authoritative data on the number of SFOs or the scale of their operations in Singapore.
2. Based on MAS’ estimates, there were about 400 SFOs as at end-2020 and 700 SFOs as at end-2021. MAS does not have estimates on aggregate business spending, aggregate AUM held and the amount invested locally by SFOs.
3. For SFOs seeking tax incentives on income derived from their investments managed in Singapore