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Mulling a shift in HQ

''One day Shanghai will become the centre (for asset management), although not so soon. There is so much money in China,'' says Mr Wong.

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...