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8 Capital gets MAS nod to operate new asset management business in Singapore
8 Capital has obtained approval from the Monetary Authority of Singapore (MAS) to operate as a Registered Fund Management Company (RFMC) in the city-state.
8 Capital is a subsidiary of Australian-listed 8I Holdings, which is headquartered in Singapore. Whilst no final decision has yet been made, 8I's intention is that up to about S$25 million is raised to start the fund management activities under the RFMC.
The RFMC will allow the company to start its new asset management business which integrates and complements 8I's investing ecosystem.
As an RFMC, 8 Capital is permitted to manage/advise up to 30 qualified investors, of which not more than 15 are funds, and manage up to S$250 million in assets under management.
Under the Securities and Futures Act (SFA), qualified investors include individuals whose net personal assets exceed S$2 million, or whose income in the preceding 12 months is not less than S$300,000. It also includes corporations with net assets exceeding S$10 million.
8I said since Oct 1, 2015, its S$26 million asset under management has generated a consolidated absolute gain of 24.9 per cent as at 30th September 2016.