Singapore’s asset management industry recorded assets under management (AUM) of $6.07 trillion in 2024, up 12% from the $5.41 trillion in 2023, according to the latest Singapore Asset Management Survey, released on July 15 by the Monetary Authority of Singapore (MAS).
This increase was driven by both strong market performance and a rebound in net inflows.
Net inflows rose 50% y-o-y to $290 billion, as fundraising activities recovered amid improving investment sentiment from the previous year. Discretionary AUM accounted for more than half of total AUM in 2024, demonstrating Singapore’s ongoing appeal as a hub for key investment professionals and decision-makers, says MAS.
The growth outpaced the global average, marking a recovery from the previous year’s subdued fundraising environment.
According to the survey, Singapore remains a preferred base for global asset managers, with 77% of AUM sourced from outside the country and 88% of total AUM invested globally. The share of discretionary AUM continues to exceed 50%, reflecting confidence in Singapore’s fund management capabilities.
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Traditional AUM increased by 16%, while alternative AUM grew by 14% to reach $1.39 trillion. The growth in alternative AUM was led by growth in assets managed by private equity, venture capital and hedge fund managers. AUM growth was driven by both net inflows and asset value recovery, which more than offset a decline in REITS and Real Estate AUM. Investments in private credit rose by 21% y-o-y.
Private equity and venture capital AUM climbed 20% to $789 billion. Hedge fund assets rose by 37% to $327 billion from $239 billion.
However, real estate-related assets saw a dip, with REIT AUM declining 15% to $115 billion from $136 billion, and direct real estate AUM falling 6% to $158 billion from $168 billion.
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The number of licensed and registered fund management companies rose to 1,298 as at Dec 31, 2024, from 1,250 a year earlier. The Variable Capital Companies (VCC) framework saw continued adoption, with 1,200 VCCs comprising 2,695 sub-funds now incorporated or re-domiciled in Singapore. These are managed by 628 regulated fund management companies.
“Singapore saw continued interest from global and regional asset managers, in particular private equity and hedge fund managers, seeking to establish offices here to tap regional opportunities,” according to the MAS report.
The retail investment segment also expanded, with authorised and recognised collective investment schemes (CIS) growing by 31% to $191 billion.
ESG-aligned assets made up 48% of total AUM, unchanged in terms of manager participation, with 284 asset managers offering ESG strategies.
MAS notes that while the macro outlook remains uncertain due to global geopolitical and economic developments, demand for alternative strategies such as private credit and secondaries is expected to continue driving growth.
“World events in 2025 are expected to have an impact on global economic outlook, and influence investor risk appetite and portfolio allocations,” says MAS in the report. “Asset managers will have to confront a myriad of business challenges, for example, digital transformation, cost optimisation and revenue compression amid the economic uncertainties. Regardless, the outlook in Asia remain conducive for asset managers seeking growth and diversification into new market opportunities, including private credit and secondaries.”
At a July 15 media briefing for the release of MAS’s latest annual report, MAS executives declined to provide a breakdown of the types of asset owners contributing to the AUM.
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MAS managing director Chia Der Jiun says “both institutional and wealth” contributed towards the figure.
Leong Sing Chiong, MAS’s deputy managing director (markets and development), says the figure “encompass[es] different types of asset owners, including institutional [investors], sovereign wealth funds, pension funds, et cetera”.
Leong adds: “Anecdotally, what I would say is that the trends right for wealth, as well as non-wealth, are actually quite similar.”
Institutional investors and individuals who “have their money managed” in Singapore are “here for the same purpose”, says Leong, “which is to earn good returns”.
MAS also declined to reveal the number of Single-Family Offices (SFOs) that have set up shop in Singapore year to date. “We don’t have the latest numbers at hand, but we will share that in due course,” says Leong.
Infographics: MAS
Read more about MAS’s FY2024/25 annual report and related announcements:
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