MAS Singapore Asset Management Survey 2023: Total $4 Trillion AUM, Private Equity & Venture Capital AUM $488 Billion, Hedge Fund $177 Billion, REIT $101 Billion, Real Estate $124 Billion, Collective Investment Schemes $108 Billion, Source of Funds Singapore 23% & Non-Singapore 77%, Net Inflow of AUM $143 Billion, 1,250 Registered & Licensed Fund Management Companies, 1,029 Variable Capital Companies & 2,158 Sub-funds, VCC Fund Strategies – Private Equity / Venture Capital 41%, EAM / MFO 22%, Hedge Fund 18%, Traditional 15%, Real Estate 4%, AUM with ESG Overlay 51% & No ESG 49%
2nd August 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) has released the Singapore Asset Management Survey 2023, providing key insights into the asset management industry in Singapore. In 2023, there are 1,250 Registered & Licensed Fund Management Companies, and Total AUM of $4 trillion (S$5.4 trillion). For Alternatives AUM – Private Equity & Venture Capital AUM $488 billion (S$657 billion), Hedge Fund AUM $177 billion (S$239 billion), REIT AUM $101 billion (S$136 billion), Real Estate AUM $124 billion (S$168 billion). For Collective Investment Schemes (CIS) AUM $108 billion (S$146 billion). Source of Funds – Singapore 23% / Non-Singapore 77%, Source of Funds by Region – Singapore – 23%, APAC ex-Singapore 33%, North America 20%, Europe 13%, Rest of World 11%. Net inflow of AUM in 2023 – $143 billion (S$193 billion), Investments of Funds – Singapore 11%, APAC ex-Singapore 42%, North America 20%, Europe 14%, Rest of World 13%. AUM with ESG Overlay – ESG Overlay 51% / No ESG 49%. No. of assets managers providing ESG strategies in 2023 – 284. No. of VCCs (Variable Capital Company) – 1,029. No. of VCCs sub-funds – 2,158 (Managed by 565 regulated fund management firms). No. of Re-domiciled VCCs – 18. Fund Service Providers – More than 300 legal advisors, tax advisors, fund administrators, corporate secretaries etc. VCC Fund Strategies – Private Equity / Venture Capital 41%, EAM / MFO 22%, Hedge Fund 18%, Traditional 15%, Real Estate 4%. See below for key findings & summary | View report here
“ MAS Singapore Asset Management Survey 2023: Total $4 Trillion AUM, Private Equity & Venture Capital AUM $488 Billion, Hedge Fund $177 Billion, REIT $101 Billion, Real Estate $124 Billion, Collective Investment Schemes $108 Billion, Source of Funds Singapore 23% & Non-Singapore 77%, Net Inflow of AUM $143 Billion, 1,250 Registered & Licensed Fund Management Companies, 1,029 Variable Capital Companies & 2,158 Sub-funds, VCC Fund Strategies – Private Equity / Venture Capital 41%, EAM / MFO 22%, Hedge Fund 18%, Traditional 15%, Real Estate 4%, AUM with ESG Overlay 51% & No ESG 49% “
MAS Singapore Asset Management Survey 2023: Total $4 Trillion AUM, Private Equity & Venture Capital AUM $488 Billion, Hedge Fund $177 Billion, REIT $101 Billion, Real Estate $124 Billion, Collective Investment Schemes $108 Billion, Source of Funds Singapore 23% & Non-Singapore 77%, Net Inflow of AUM $143 Billion, 1,250 Registered & Licensed Fund Management Companies, 1,029 Variable Capital Companies & 2,158 Sub-funds, VCC Fund Strategies – Private Equity / Venture Capital 41%, EAM / MFO 22%, Hedge Fund 18%, Traditional 15%, Real Estate 4%, AUM with ESG Overlay 51% & No ESG 49%
The Monetary Authority of Singapore (MAS) has released the Singapore Asset Management Survey 2023, providing key insights into the asset management industry in Singapore. See below for key findings & summary | View report here
MAS Singapore Asset Management Survey 2023
Summary
- No. of Registered & Licensed Fund Management Companies in 2023 – 1,250
- Total AUM in 2023 – $4 trillion (S$5.4 trillion)
- Private Equity & Venture Capital AUM – $488 billion (S$657 billion)
- Hedge Fund AUM – $177 billion (S$239 billion)
- REIT AUM – $101 billion (S$136 billion)
- Real Estate AUM – $124 billion (S$168 billion)
- Collective Investment Schemes (CIS) AUM – $108 billion (S$146 billion)
- Source of Funds – Singapore 23% / Non-Singapore 77%
- Source of Funds by Region – Singapore – 23%, APAC ex-Singapore 33%, North America 20%, Europe 13%, Rest of World 11%
- Net inflow of AUM in 2023 – $143 billion (S$193 billion)
- Investments of Funds – Singapore 11%, APAC ex-Singapore 42%, North America 20%, Europe 14%, Rest of World 13%
- AUM with ESG Overlay – ESG Overlay 51% / No ESG 49%
- No. of assets managers providing ESG strategies in 2023 – 284
- No. of VCCs (Variable Capital Company) – 1,029
- No. of VCCs sub-funds – 2,158 (Managed by 565 regulated fund management firms)
- No. of Re-domiciled VCCs – 18
- Fund Service Providers – More than 300 legal advisors, tax advisors, fund administrators, corporate secretaries etc
- VCC Fund Strategies – Private Equity / Venture Capital 41%, EAM / MFO 22%, Hedge Fund 18%, Traditional 15%, Real Estate 4%
MAS Singapore Asset Management Survey 2023
1) Overview & AUM of Asset Management Industry
No. of Registered & Licensed Fund Management Companies
- 2022 – 1,194
- 2023 – 1,250 (+56 companies)
Total AUM (USD)
- 2018 – $2.5 trillion
- 2019 – $2.9 trillion
- 2020 – $3.4 trillion
- 2021 – $4 trillion
- 2022 – $3.6 trillion
- 2023 – $4 trillion
Total AUM (SGD)
- 2018 – S$3.4 trillion
- 2019 – S$3.9 trillion
- 2020 – S$4.6 trillion
- 2021 – S$5.4 trillion
- 2022 – S$4.9 trillion
- 2023 – S$5.4 trillion
Source of Funds (AUM)
- Singapore – 23%
- Non-Singapore – 77%
Source of Funds (AUM)
- Singapore – 23%
- APAC ex-Singapore – 33%
- North America – 20%
- Europe – 13%
- Rest of World – 11%
Net inflow (AUM):
- 2018 – $123 billion (S$166 billion)
- 2019 – $194 billion (S$261 billion)
- 2020 – $287 billion (S$387 billion)
- 2021 – $333 billion (S$448 billion)
- 2022 – $323 billion (S$435 billion)
- 2023 – $143 billion (S$193 billion)
2) Allocation of Funds
Investments of Funds (AUM)
- Singapore – 11%
- APAC ex-Singapore – 42%
- North America – 20%
- Europe – 14%
- Rest of World – 13%
Alternative AUM:
- Private Equity & Venture Capital – $488 billion (S$657 billion)
- Hedge Fund – $177 billion (S$239 billion)
- REIT – $101 billion (S$136 billion)
- Real Estate – $124 billion (S$168 billion)
Alternative AUM Changes (2023 vs 2022):
- Private Equity & Venture Capital: Increase +12%
- Hedge Fund: Increase +5%
- REIT: Increase +14%
- Real Estate: Decrease -4%
Collective Investment Schemes (CIS) Fund Size:
- 2018 – $74 billion (S$100 billion)
- 2019 – $95 billion (S$128 billion)
- 2020 – $93 billion (S$126 billion)
- 2021 – $99 billion (S$134 billion)
- 2022 – $94 billion (S$127 billion)
- 2023 – $108 billion (S$146 billion)
AUM with ESG Overlay:
- ESG Overlay – 51%
- No ESG – 49%
No. of assets managers providing ESG strategies in 2023 – 284
3) VCC (Variable Capital Company)
VCC (Variable Capital Company):
- No. of VCCs – 1,029
- No. of VCCs sub-funds – 2,158 (Managed by 565 regulated fund management firms)
- No. of Re-domiciled VCCs – 18
- Fund Service Providers – More than 300 legal advisors, tax advisors, fund administrators, corporate secretaries etc
VCC Fund Strategies:
- Private Equity / Venture Capital – 41%
- EAM / MFO – 22%
- Hedge Fund – 18%
- Traditional – 15%
- Real Estate – 4%
Variable Capital Companies (VCC) – The Variable Capital Company (VCC) is a new corporate structure for investment funds constituted under the Variable Capital Companies Act which took effect on 14 Jan 2020. The VCC will complement the existing suite of investment fund structures available in Singapore. The VCC Act and subsidiary legislation is administered by ACRA. All VCCs must be managed by a Permissible Fund Manager. The anti-money laundering and countering the financing of terrorism obligations of VCCs will come under the purview of the Monetary Authority of Singapore (MAS).
Selected key features of VCC:
- A VCC has a variable capital structure that provides flexibility in the issuance and redemption of its shares. It can also pay dividends out of capital, which gives fund managers flexibility to meet dividend payment obligations.
- A VCC can be set up as a single standalone fund or an umbrella fund with two or more sub-funds, each holding a portfolio of segregated assets and liabilities. For fund managers that structure their funds as umbrella VCCs, there may be cost efficiencies from using common service providers across the umbrella and its sub-funds.
- A VCC can be used for both open-ended and closed-end fund strategies.
- Fund managers may incorporate new VCCs or re-domicile their existing overseas investment funds with comparable structures by transferring their registration to Singapore as VCCs.
- VCCs must maintain a register of shareholders, which need not be made public. However, this register must be disclosed to public authorities upon request for regulatory, supervisory and law enforcement purposes.
More details pertaining to the VCC framework can be found at www.mas.gov.sg.
MAS Singapore Asset Management Survey 2023
The Monetary Authority of Singapore (MAS) releases an annual update of the Singapore asset management industry for the calendar year ending 31 December. Data presented in this report is collected from MAS’ annual survey of the asset management industry. This report provides key data on Singapore’s asset management industry for the calendar year ending 31 December 2023, and highlights key areas of development. Financial institutions surveyed include Banks, Finance and Treasury Centres, Capital Markets Services licensees (including REIT managers), Financial Advisers, Insurance Companies, and Exempt Entities, but excludes direct investments by government-related entities. 1,447 respondents participated in the survey. The methodology adjusts for double counting among reporting entities that may have reported the same AUM mandates (e.g. a fund of funds manager investing with a Singapore-based asset manager).
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