Yeo Wico and Suhaimi Zainul-Abidin
Allen & Gledhill Singapore
Singapore has already developed an enviable reputation as a global fund management hub. Yeo Wico and Suhaimi Zainul-Abidin discuss the new regulatory and tax approaches being adopted to encourage the growth of Islamic funds in the country
The rise and rise of Singapore as a fund management center
Singapore’s emergence as one of Asia’s leading asset management hubs in the last 10 years has been nothing short of inspirational. Today, Singapore is seen as an attractive, robust and continually growing asset management hub. As at the end of 2011, the industry’s assets under management stand at SG$1.34 trillion (US$1.08 trillion), resulting from a five-year AUM growth of 11% per annum. Much of this development can be attributed to the deliberate and measured introduction of tax measures in Singapore to make it a compelling location for fund managers and investors alike.