It is the first time the 11-year- old Master of Science programme is being offered outside the United States.

Currently, 65 per cent of students taking the course at the US campus are Asians.

The university set up an Asian campus for its Graduate School of Business in Penang Road seven years ago.

The new one-year course, to kick off in September, will initially take in 15 students.

It will cover foreign exchange, management of financial assets, applied mathematics and other topics.

The programme will be identical to that offered in the US, and will be taught by faculty from the university's departments of mathematics, statistics and economics, along with experienced financial professionals.

Lectures in Chicago will also be televised live, so students in Singapore will be able to participate with their counterparts in Chicago.

The chief executive of SGS Asset Management, Mr Steve Stevanovich, whose firm has offices in Asia, said demand is strong for professionals trained in financial mathematics.

'It's easy to find people in Asia who have a maths background. It's also easy to find those with a finance background. But it is difficult to find those who are trained to put both together,' he said.

The initiative is part of the Economic Development Board's (EDB's) global schoolhouse initiative for Singapore to become an education hub.

The EDB has, over the years, brought in brand-name schools, including Insead, New York University's Tisch School of the Arts Asia, and the University of Nevada, Las Vegas.

EDB director for education services Toh Wee Khiang said: 'We believe that the programme will serve to attract top financial talent globally, so as to meet the needs of the financial industry in Singapore.'