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MAS partners with firms to form funds industry group

To promote Singapore as a ‘leading full-service asset management and fund domiciliation hub’.
Clarke Quay in Singapore

The Monetary Authority of Singapore (MAS) has partnered with the private sector to develop the Lion City’s asset management ecosystem.

The Singapore Funds Industry Group (SFIG) will bring together all the key players across the entire asset management value chain, including fund managers and service providers, such as lawyers, tax advisors, fund administrators and directors. These service providers work closely with fund managers to support a fund’s operations in areas such as fund structuring and set-up, fund administration, regulatory reporting, tax advisory and fiduciary oversight.

The SFIG will comprise four working groups:

  • The infrastructure and innovation working group will monitor market developments and spur innovation to transform the funds servicing value chain.
  • The policy working group will provide advice and recommend improvements to regulatory, legal and tax frameworks to better serve the needs of fund managers and investors.
  • The capabilities and training working group will focus on building a pool of fund specialists and directors in areas such as product development, administration, distribution and fund oversight and governance.
  • The promotion and advocacy working group will raise the global profile of Singapore as a leading asset management and fund domiciliation hub, through outreach and engagement with Singapore-based and global asset managers, asset owners and service providers.

The SFIG executive committee (ExCo) is co-chaired by Kai-Niklas Schneider, head of funds and investment groups at Clifford Chance Singapore, and Gillian Tan, assistant managing director for development and international at the MAS. The ExCo comprises senior industry leaders and industry associations representing fund managers and service providers.

“As Singapore continues to solidify its position as a premier funds centre, SFIG will play a critical role in coordinating efforts of MAS and private sector stakeholders to continue to drive sustainable development and growth of the Singapore funds industry,” Schneider said in the statement.

Part of the Mark Allen Group.