Singapore Asset Management Hits USD4.7tr with Record Growth

Singapore’s asset management industry reached an all-time high of SGD6.1tr (USD4.7tr) in assets under management in 2024, representing a 12.2% year-on-year increase, according to the Monetary Authority of Singapore (MAS). The surge was fuelled by gains in both traditional and alternative asset classes and marked the second straight year of recovery following a 2022 decline. Net fund inflows grew to SGD290bn, up from SGD193bn the previous year. The number of Variable Capital Companies (VCCs) climbed to 1,200, managing 2,695 sub-funds. Despite challenges including digital transformation and cost pressures, MAS sees favourable conditions in Asia for asset managers targeting growth in private credit, secondaries, and regional investment opportunities.