More measures slated to boost Singapore's asset management industry
THE Monetary Authority of Singapore (MAS) is working on initiatives that will boost the asset management industry here.
On Wednesday, Indranee Rajah, Senior Minister of State for Law and Finance, announced that MAS and the Accounting and Corporate Regulatory Authority (Acra) are studying the introduction of a new regulatory framework for open-end investment companies (OEIC).
"An OEIC framework offers a more efficient fund administration structure for asset managers who domicile their funds in Singapore, compared to what is currently provided for under the Companies Act," said Ms Indranee, speaking at the 17th annual conference of the Investment Management Association of Singapore.
This framework, targeted to be rolled out within a year, is expected to encourage more asset managers to domicile their funds here and promote the development of the fund administration industry in Singapore.
MAS will also be making enhancements to its external fund manager programme. This new programme will offer stronger incentives to fund managers who are committed to deepening their presence in Singapore.
"In particular, greater recognition will be given to managers who are committed to building their investment capabilities and strengthening their local talent pool to support the long-term development of their Singapore operations," Ms Indranee said.
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