Schroders gathered the most new assets in the first quarter of 2018, extending its successful 2017, when it also led the league table by new assets. The firm manages the highest AUM in Singapore-domiciled mutual funds.
UOB was the second most successful asset-gatherer and Lion Global Investors was the third.
Amundi, with only $120.4m of AUM, grew its business the fastest on a relative basis. Its Q1 net inflows of $20.1m amounted to 19.9% of its AUM at the end of 2017.
Ten biggest asset managers in Singapore
|Firm||Estimated Net Flow Q1 2018||AUM (31 March 2018)|
|Lion Global Investors||178.1m||3.05bn|
AUM of Singapore-domiciled funds in US dollars. Data: Morningstar, as of 31 March 2018.
* Some March data for First State funds are not available. Most recent numbers were used.
Singapore-domiciled actively-managed mutual funds have collectively seen net inflows of $1.05bn in the first quarter of 2018, according to data from Morningstar.
The net inflows didn’t quite match the $1.56bn gathered by Hong Kong-domiciled mutual funds in the same period, but the numbers are roughly in proportion to the sizes of the two asset management sectors.
The AUM of all Singapore-domiciled funds was $30.8bn at the end of 2017, which is only about 62% of the size of Hong Kong-domiciled fund assets.
There are 225 mutual funds domiciled in Singapore, according to Morningstar. They constitute a small fraction of around 4,100 funds registered for sale to Singapore investors.
In aggregate, actively managed mutual funds in the three main asset categories all gathered assets, with mixed-asset funds continuing as the most attractive category. Equity funds also attracted net new money in the first quarter, after net outflows in 2017.
|Fund Category||Estimated Net Flow Q1 2018||AUM 31 March 2018|
Data: Morningstar, 31 March 2018, in US dollars, Singapore-domiciled funds, excluding money market and ETFs
Income-oriented funds dominate the list of the top 10 asset-gathering funds in the first quarter of 2018. They are joined by the United Japan Small & Mid Cap Fund and two growth-oriented equity funds.
Top 10 asset-gathering mutual funds
|Fund||Category||Estimated Net Flow Q1 2018||Fund Size 31 Mar 2018|
|United Income Focus Trust||Mixed Assets||281m||1.81bn|
|Fullerton SGD Income||Singapore Dollar Bonds||218.9m||1.6bn|
|Lion-Bank of Singapore Asian Income||Asia Mixed Assets||201.8m||681.3m|
|Schroder Asian Income||Asia Mixed Assets||162.3m||3.34bn|
|Schroder Asian Growth||Asia ex-Japan Equity||158.1m||1.04bn|
|United Japan Small & Mid Cap||Japan Equity||113.1m||279.7m|
|Manulife SGD Income||Singapore Dollar Bonds||101.7m||820m|
|First State Dividend Advantage*||Asia-Pacific ex-Japan Equity||81.3m||1.72bn|
|United Global Quality Growth||Global Equity||59m||145.1m|
|Eastspring Inc UT Singapore Select Bond||Singapore Dollar Bonds||45.5m||645m|
Data: Morningstar, as of 31 March 2018. Singapore-domiciled funds in US dollars.
* Fund data as of 28 February.
Investors took money out of bonds funds in the first quarter of 2018, with eight out of ten top asset-losing mutual funds falling into the fixed-income category.
Top 10 asset-losing mutual funds
|Fund||Category||Estimated Net Flow Q1 2018||Fund Size 31 March 2018|
|Fullerton Short Term Interest Rate||Singapore Dollar Bond||−172.3m||900m|
|Fullerton USD Income||Asia Bond||−97.6m||626.3m|
|UOB United Global Healthcare Fund||Equity: Healthcare||−51.4m||307.9m|
|UOB United SGD||Singapore Dollar Bond||−44.2m||1.16bn|
|Lion Bank of Singapore Emerging Market Bond||Emerging Market Bond||−37.2m||711.6m|
|Lion Bank of Singapore Emerging Market Bond 2021||Fixed Term Bond||−31.1m||354.5m|
|UOB United Emerging Market Bond||Emerging Market Bond||−29.2m||206m|
|Nikko AM Shenton Short Term Bond Fund||Asia Bond||−24.6m||286.7m|
|Eaststpring Inv UT Dragon Peacock||Asia-Pacific Equity||−20.4m||830m|
|Deutsche Lion Bond||Asia Bond||−18.5m||171m|