Singapore Central Bank MAS Releases Asset Management Survey 2019
15th October 2020 | Singapore
The Monetary Authority of Singapore (MAS) has released the result of its 2019 annual survey of the Singapore asset management industry, for the year ending 31 December 2019, with 972 respondents participating in the 2019 MAS Asset Management Survey.
” $2.96 trillion managed assets, 895 licensed asset managers in Singapore “
The total global managed assets is around $89 trillion with Singapore reporting $2.96 trillion managed assets or 3.3% of global managed assets. In 2019, Singapore add around $400 billion of assets from $2.56 trillion (2018), and growing 15.7% with increase in asset value and $194 billion of net new inflow.
There are a total of 895 licensed asset managers in Singapore in 2019, with 108 new licensed asset managers. In 2019, 2 new sovereign wealth funds setup offices in Singapore – Banquede France and Ontario Teachers’ Pension Plan. At the end of 2019, almost 300 Private Equity and Venture Capital managers are based in Singapore.
Of the $2.96 trillion assets, 42% are in equities and 26% are in bonds. 18% ($538 billion) are in alternatives. 11% ($95 billion) are in Collective Investment Schemes (CIS) and 3% are in cash / money.
More information below:
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2019 Key Statistics
- Global AUM – $89 trillion
- Singapore AUM – $2.96 trillion / S$4 trillion (15.7% growth)
- 895 licensed asset managers in Singapore (108 new)
- 11 Sovereign Wealth Fund in Singapore, including GIC & Temasek
- $194 billion net inflow to Singapore
- Alternatives – $538 billion
- Private Equity – $181 billion
- Hedge Funds – $148 billion
- REIT – $94 billion
- Real Estate – $105 billion
- Venture Capital – $8.2 billion
- Collective Investment Scheme – $95 billion
- Singapore global share of ESG managed assets 28% (2019)
- Global ESG fund assets total $1 trillion (July 2020)
- Almost 300 Private Equity and Venture Capital managers based in Singapore (2019)
1. 2019 Managed Assets in Singapore: $2.96 Trillion
| Year | AUM (USD) | AUM (SGD) | Growth (YOY) |
| 2014 | $1.76 trillion | $2.35 trillion | – |
| 2015 | $1.91 trillion | $2.56 trillion | 8.7% |
| 2016 | $2.04 trillion | $2.74 trillion | 6.9% |
| 2017 | $2.43 trillion | $3.26 trillion | 18.8% |
| 2018 | $2.56 trillion | $3.43 trillion | 5.4% |
| 2019 | $2.96 trillion | $3.97 trillion | 15.7% |
- 2019 total managed assets in Singapore is $2.96 trillion
- Grow 15.7% in in 2019
- Grew 68.59% from 2015 to 2019, adding $1.2 trillion assets
At the end of 2019, the total assets managed in Singapore is $2.96 trillion (S$3.97 trillion), adding around $400 billion of assets and growing 15.7% in 2019 (increase in asset value and $194 billion net new inflow).
The last 5 years from 2015 to 2019, the total assets managed in Singapore has increased from $1.76 trillion to $2.96 trillion, adding $1.2 trillion of assets (68.59% growth).
2. 895 Licensed Asset Managers in Singapore
In 2019, there are registered and licensed asset managers to 895, with 108 new asset managers in 2019.
- 11 Sovereign Wealth Fund
- 2 New Sovereign Wealth Fund in 2019
In 2019, there are a total of 11 Sovereign Wealth Fund, including Singapore’s GIC and Temasek. In 2019, there are 2 new sovereign wealth fund in Singapore: Banquede France and Ontario Teachers’ Pension Plan.
Sovereign Wealth Fund in Singapore:
- GIC
- Temasek
- Investment Company of the People’s Republic of China
- Norges Bank Investment Management
- SwissNational Bank
- National Pension Service Korea
- Caisse de Dépôt et Placement du Québec
- Korea Investment Corporation
- Ontario Municipal Employees Retirement System
- Banque de France
- Ontario Teachers’ Pension Plan
3. Net AUM Inflow: $194 Billion
| Year | AUM (USD) | AUM (SGD) |
| 2014 | $341 billion | $458 billion |
| 2015 | $151 billion | $203 billion |
| 2016 | $86 bilion | $116 billion |
| 2017 | $164 billion | $220 billion |
| 2018 | $123 billion | $166 billion |
| 2019 | $194 billion | $261 billion |
In 2019, Singapore asset management industry saw $194 billion (S$261 billion) of net inflow. (Net inflow = Incoming Funds – Outgoing funds).
4. Alternative Investments AUM: $538 Billion
| Year | AUM (USD) | AUM (SGD) | Growth |
| 2014 | $237 billion | $318 billion | – |
| 2015 | $305 billion | $410 billion | 28.9% |
| 2016 | $356 billion | $478 billion | 16.5% |
| 2017 | $417 billion | $560 billion | 17.1% |
| 2018 | $482 billion | $646 billion | 15.3% |
| 2019 | $538 billion | $721 billion | 11.6% |
In 2019, $538 billion assets of the $2.96 billion assets in Singapore are in alternative investments, or 18% of total managed assets. Alternative investments increased by $56 billion or 11.6% increase in 2019.
The last 5 years from 2015 to 2019, alternative investments grew from $237 billion to $538 billion, adding $301 billion of assets (126% increase).
Alternative investments: Private Equity, Hedge Funds, REIT, Real Estate, Venture Capital.
5. Alternative Sectors AUM
| Sectors | 2019 AUM (USD) | Allocation |
| Private Equity | $181 billion | 33.7% |
| Hedge Funds | $148 billion | 27.6% |
| REIT | $94 billion | 17.4% |
| Real Estate | $105 billion | 19.6% |
| Venture Capital | $8.2 billion | 1.5% |
| Total | $538 billion | 100% |
In 2019, of the $538 billion managed assets in Alternative Investments, $181 billion (33.7%) are in Private Equity. $148 billion of assets (27.6%) are in Hedge Funds.
In property investments, $199 billion (36%) are in REIT And Real Estate. REIT has $94 billion (17.4%) managed assets while Real Estate has $105 billion (19.6%) managed assets. $8.2 billion of managed assets (1.5%) are in Venture Capital.
6. Alternative Sectors AUM Growth
| Sectors | 2018 | 2019 | Growth |
| Private Equity | $158 billion | $181 billion | 14.0% |
| Hedge Funds | $130 billion | $148 billion | 13.7% |
| REIT | $79 billion | $94 billion | 17.7% |
| Real Estate | $108 billion | $105 billion | -2.0% |
| Venture Capital | $4.4 billion | $8.2 billion | 83.3% |
Of the $538 billion assets in 2019, all sectors except for Real Estate saw an increased in managed assets.
Private Equity added $22.3 billion (14%), Hedge Funds added $17.9 billion (13.7%), REIT added $14.1 billion (17.7%) while Venture Capital added $3.7 billion (83.3%). Real Estate decreased $2.2 billion (-2.2%).
7. Source of AUM
| Source of AUM | 2019 |
| Asia Pacific (ex-SG) | 33% |
| Singapore | 24% |
| North America | 18% |
| Europe | 17% |
| Rest of World | 8% |
| Total | 100% |
Of the $2.96 trillion managed assets in Singapore in 2019, 33% of the managed assets in Singapore are from Asia-Pacific (ex-Singapore) while Singapore originates 24% of the managed assets. In total, 57% of managed assets are from Asia-Pacific.
18% of the managed assets in Singapore are from North America, 17% are from Europe and 8% from Rest of the World.
8. Allocation by Asset Class
| Allocation by Asset Class | 2018 | 2019 |
| Equities | 41% | 42% |
| Bonds | 24% | 26% |
| Alternatives | 20% | 18% |
| Collective Investment Scheme | 11% | 11% |
| Cash/Money | 4% | 3% |
| Total | 100% | 100% |
Of the $2.96 trillion managed assets in Singapore in 2019, 42% are in equities while 26% are in bonds. 18% are in Alternatives which comprise of assets such as Private Equity, Hedge Funds, REIT, Real Estate and Venture Capital. 11% of managed assets are in collective investment scheme such as Unit Trust while 3% are in cash.
The 2019 asset allocation largely remain unchanged from 2018.
9. Allocation of Assets by Geography
| Allocation by Geography | 2019 |
| Asia-Pacific | 69% |
| North America | 13% |
| Europe | 10% |
| Rest of World | 8% |
| Total | 100% |
Of the $2.96 trillion managed assets in Singapore in 2019, 69% are invested in Asia-Pacific while 13% are in North America, 10% in Europe and 8% in Rest of the World.
10. Collective Investment Scheme (CIS): $95 Billion
| Year | AUM (USD) | AUM (SGD) | Growth |
| 2014 | $53 billion | $77 billion | – |
| 2015 | $57 billion | $82 billion | 6.90% |
| 2016 | $61 billion | $82 billion | 6.40% |
| 2017 | $75 billion | $101 billion | 23.10% |
| 2018 | $74 billion | $100 billion | -1% |
| 2019 | $95 billion | $128 billion | 28% |
Of the $2.96 trillion managed assets in Singapore in 2019, $95 billion (3.2%) are invested in Collective Investment Scheme (CIS) such as Unit Trust. Collective Investment Scheme (CIS) grew 28% in 2019, adding $21 billion.
The last 5 years from 2015 to 2019, Collective Investment Scheme (CIS) grew from $53 billion to $95 billion, adding $42 billion of assets (81% increase).
11. Collective Investment Scheme (CIS) by Geography
| Allocation by Geography | 2018 | 2019 |
| Asia-Pacific | 70% | 73% |
| North America | 12% | 10% |
| Europe | 13% | 13% |
| Rest of World | 5% | 4% |
| 100% | 100% |
Of the $95 trillion Collective Investment Scheme (CIS) in Singapore in 2019, 73% are invested in Asia-Pacific while 10% are in North America, 13% in Europe and 4% in Rest of the World.
12. Others: ESG, Private Markets, VCC
ESG, Private Markets & VCC
- Singapore global share of ESG managed assets 28% (2019)
- Global ESG fund assets total $1 trillion (July 2020)
- APAC Private Equity and Venture Capital AUM grew 36% to $1.2 trillion (2019)
- Singapore Private Equity and Venture Capital AUM grew 16% to $189 billion / S$254 billion (2019)
- Almost 300 Private Equity and Venture Capital managers based in Singapore (2019)
- Launched new corporate structure Singapore Variable Capital Companies (VCC) on 15/1/20 for investment funds and asset managers.
- 18 asset managers joined the VCC Pilot Program in Sept 2019
- In mid-Sept 2020, more than 120 VCCs have been setup.
Notes
- USDSGD ~ 1.34 (31/12/19)
- VCC – Variable Capital Companies in Singapore
- ESG – Environmental, Social & Governance
The Singapore Asset Management Survey 2019
The Monetary Authority of Singapore conducted its annual survey of the Singapore asset management industry, for the year ending 31 December 2019.
Financial institutions surveyed include Banks, Finance and Treasury Centres, Capital Markets Services licensees (including REIT managers), Financial Advisers, Insurance Companies, Operational Headquarters and Exempt Entities, but excludes direct investments by government- related entities. 972 respondents participated in the 2019 MAS Asset Management Survey.
About Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. The Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities.
As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education.
MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
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