Boutique firm lobby group opens in Singapore

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The UK’s New City Initiative intends to push for the new Singapore-domiciled fund structure.

The New City Initiative (NCI)’s Singapore office was launched  “in response to demand from asset managers in the region”, according to a press statement.

A main part of NCI’s work involves lobbying regulators on behalf of the interests of the smaller independent fund houses.

The Singapore office has 11 founding members led by Timothy Hay, the CEO of Somerset Capital Management in Singapore.

NCI said it intends to lobby the MAS and the UK’s FCA “to open up and increase opportunities between the two markets as they share experiences and ideas.

“This includes supporting MAS efforts to develop the Variable Capital Company fund structure, on which NCI will hold a meeting next month with London members and a delegation from MAS,” the statement said.

The Singapore Variable Capital Company (S-VACC) is a MAS-authorised locally-domiciled fund structure suitable for mutual funds, hedge funds and private equity vehicles. In addition to tax benefits, the structure aims to become a “Singapore Ucits”, which would ideally allow it to be recognised for sale in multiple jurisdictions.

In the UK, NCI represents 46 independent asset management firms with a combined AUM of £500bn ($644bn), according to the statement.

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