Mulling a shift in HQ

APS Asset Management has mulled a shift in its headquarters from Singapore to Shanghai.

"We haven't made a decision yet. Costs are very high here, and there is not much business,'' Wong Kok Hoi says. Singapore accounts for less than 5 per cent of assets raised. Portfolio exposure to Singapore is also less than 5 per cent. BT understands there was no consensus among senior management on the move so the issue has been shelved for now. But it is expected to resurface at some point.

"We don't invest much in Singapore; there is no reason to be here. We have three offices in China and US$2 billion in assets. We're not registered as a domestic asset manager (in China) yet; we're in the process.