Singapore fund management assets up 32 pct in 2007



Reuters - Thursday, July 24SINGAPORE, July 24 - Assets managed by
fund managers in Singapore grew 32 percent to S$1.173 trillion ($860
billion) last year, driven by a doubling in assets held by hedge
funds, the central bank said on Thursday.



"This is the seventh consecutive year of double-digit year-on-year
growth in total assets under management registered by Singapore-based
asset managers," the Monetary Authority of Singapore said in a
statement.

Singapore has invited asset managers, private banks and hedge funds
to boost its fast-growing financial industry as it tries to reduce
the economy's reliance on manufacturing.

UBS <UBSN.VX>, Credit Suisse <CSGN.VX>, U.S. bank Citigroup <C.N>,
Deutsche Bank <DBKGn.DE>, Morgan Stanley <MS.N> and Britain's HSBC
<HSBA.L><0005.HK> are some of the leading players in private banking
and wealth management in Asia and all of them run large businesses in
Singapore.

MAS said 43 percent of funds came from institutional investors such
as pension funds, endowments, foundations, companies and financial
institutions.

Assets managed by hedge fund managers doubled to close to S$80
billion, while the number of hedge fund firms in Singapore increased
by more than 50 percent to almost 300, MAS said.

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