“Growth was robust across both traditional and alternative assets on the back of higher valuations and continued inflows to Asian markets,” Menon said at a media briefing during the launch of the regulator’s latest annual report.
However, Menon, as well as the annual report (PDF), did not disclose any AUM figures. The growth rate he revealed suggests that assets in Singapore’s asset management industry reached S$3.04trn ($2.22trn) in 2017, based on the S$2.7trn 2016 AUM figure that was published last year in October in the regulator’s asset management survey.
Investors also continued to pour assets in alternative investments, with AUM growing at around 16.9% in 2017, led by venture capital and private equity, according to Menon. This suggests that the AUM in the asset class reached S$558.8bn from 2016’s S$478bn.
“There are currently around 220 venture capital and private equity managers located in Singapore with the majority of PE managers focused on growth and buyout strategies,” he said. He added that around 85% of their assets are invested across Singapore and the region, targeting higher growth sectors, such as consumer and retail, healthcare and IT.
The Lion City’s private banking AUM grew about 6.6%, Menon said, adding that a growing number of Asia’s wealthiest families have set up family offices in Singapore to access investment opportunties in the region.