Singapore fund managers' assets hit $1.7 trillion in 2014

Fund managers in Singapore posted a 30 percent year-on-year increase in assets under management to S$2.4 trillion ($1.71 trillion) in 2014, with more than half of it sourced from the Asia-Pacific region, Singapore's central bank said. "The robust growth was derived largely from positive asset inflows arising from Asia's growth dynamism and Singapore's position as a pan-Asian asset management hub," the Monetary Authority of Singapore said in its annual survey of asset managers on its website.
Traditional asset managers were the biggest contributors, accounting for 76 percent of the flows, the survey showed. Their assets grew 38 percent year-on-year. Among alternative asset managers, the fastest growth came from the private equity industry which saw its assets jump 24 percent from a year earlier, underpinned by a favourable environment for fund raising and investments. Some of the world's biggest fund managers such as State Street Global Advisers and BlackRock have offices in Singapore, while Aberdeen Asset Management has its Asian headquarters in the city state. Singapore is also a major wealth management centre and a regional base for global wealth managers such as Credit Suisse and Julius Baer.