IN LESS than six months, the new research institute at the Singapore Management University (SMU) has already hit its fund-raising target of $17 million.

The $17.2 million raised will go into an endowment fund for the Sim Kee Boon Institute for Financial Economics set up in July at the SMU.

The donations came from the institute's fund-raising panel, as well as the family, friends, business associates and golfing buddies of the late Sim Kee Boon, the former head of the Singapore Civil Service.

The new institute was named after Mr Sim, who died in November last year at the age of 78, to honour his contributions to Singapore's early economic development. The institute aims to stand out in the Asia Pacific region for research in financial economics. Some areas of interest include retirement security for the ageing population and the role of bank lending in real estate market crashes.

During a dinner at the Istana last night, hosted by President S R Nathan to thank donors, honorary patron of the fund-raising committee Lim Chee Onn said the new institute could 'play a significant role in reinforcing and propagating the vital principles which Kee Boon subscribed to and adhered to so faithfully - integrity, transparency, passion and compassion'.

Read the full story in Wednesday's edition of The Straits Times.