Background

On 16 July 2025, the Monetary Authority of Singapore (MAS) published its annual Asset Management Survey Report, presenting data as of 31 December 2024. The report provides insights into Singapore’s asset management landscape, capturing industry growth, fund flows, structural trends, and sectoral developments across both traditional and alternative asset classes.

Key Observations

• AUM reaches record high: Total assets under management (AUM) in Singapore rose by 12% year-on-year, reaching S$6.07 trillion as at end-2024. This reflects robust market performance and continued investor inflows into Asia and global markets.
• Balanced growth across asset classes: Traditional investment strategies recorded a strong 16% growth, while alternative assets—such as private equity, venture capital, hedge funds, and real estate/REITs—grew by 14%, indicating sustained investor appetite for diversified portfolios.
• Net inflows rebounded strongly: Singapore attracted S$290 billion in net inflows during 2024, up from S$193 billion in the previous year. The increase signals a revival in fundraising momentum and asset allocation confidence.
• Development of VCCs: By end-2024, approximately 1,200 Variable Capital Companies (VCCs) were incorporated or re-domiciled in Singapore, comprising 2,695 sub-funds and managed by 628 regulated fund managers, cementing the VCC framework’s role in Singapore’s fund ecosystem.

Key Trends & Developments

• Global investment hub: Approximately 88% of AUM in Singapore was allocated to investments outside of Singapore, reaffirming the city-state’s role as a global asset management gateway.
• Private credit accelerates: Private credit experienced the fastest growth within the alternative segment, expanding by 21% year-on-year, reflecting institutional interest in yield-enhancing strategies.
• Expansion of regulated entities: The number of licensed and registered fund management companies increased to 1,298 by end-2024, up from 1,250, underscoring the strength and depth of Singapore’s asset management community.
• Digital innovation and sustainability: MAS continues to prioritise initiatives around digitalisation (including asset tokenisation) and sustainability, signaling longer-term transformation in fund products and practices.

Regulatory Outlook

MAS is expected to maintain its focus on strengthening Singapore’s competitiveness as a global fund hub. This includes facilitating innovation in fund structures, enhancing capabilities in private credit and digital assets, and upholding robust regulatory standards across governance, risk management, and investor protection.

What’s Next?

• Fund managers should review their operating models and asset strategies to align with evolving investor preferences and MAS priorities.
• There is likely to be greater engagement from MAS around fund innovation, ESG integration, and digital fund services.
• The continued growth of the VCC framework offers new opportunities for structuring cross-border funds with greater flexibility.

How Can We Help?

Capital Governance assists asset managers by:

• Capital Markets Services licensing and risk & compliance set-ups.
• Advising on VCC structuring, re-domiciliation, and compliance readiness.
• Reviewing governance frameworks and fund licensing requirements.
• Strengthening operational resilience and regulatory alignment in a rapidly evolving industry.

And more…

Contact Us today to discuss how we can provide the risk and compliance advisory solutions for you. Find out more here.