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Assets managed by Singapore-based fund managers grow 11.8%

Total assets managed by Singapore-based fund managers grew by 11.8 per cent last year to hit S$1.82 trillion.

SINGAPORE: Total assets managed by Singapore-based fund managers grew by 11.8 per cent last year to hit S$1.82 trillion, according to the latest Singapore Asset Management Industry Survey by the Monetary Authority of Singapore (MAS).

The biggest increase was seen in assets managed by private equity managers, which jumped by 33.6 per cent to S$74.7 billion. Meanwhile, assets managed by hedge funds grew by 20.9 per cent to S$88.8 billion. MAS says this reflects increased interest from global investors in Asia-focused strategies. In comparison, Hong Kong said earlier this month that its combined fund management business grew 27.2 per cent to a record high of HK$16 trillion (S$2.56 trillion) last year.

Separately, the MAS said that Singapore's corporate debt market performed strongly as well last year, with volume rising 18 per cent and total debt issuance jumping by 38 per cent in 2013. According to MAS, the total outstanding volume of corporate debt stood at S$272.4 billion as at the end of 2013.

MAS added that the start of renminbi (RMB) clearing in Singapore has helped to catalyse the city-state's offshore RMB bond market last year. Five offshore RMB bonds successfully came to market in 2013. Singapore has become one of the main offshore centres for RMB transactions after Hong Kong
 

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