SINGAPORE - Investment giant Hillhouse Capital is consolidating its two Singapore locations by moving to one of the Republic’s most premier office buildings overseeing the Marina Bay skyline, according to people with knowledge of the matter.

Hillhouse has signed a lease for the 28th floor of Marina Bay Financial Centre Tower 1, the people said, asking not to be identified because the move is not yet public.

The company is currently located at Singapore Land Tower, with a co-working space at Ocean Financial Centre.

Financial firms have been strengthening their presence in Singapore, riding on a surge in the wealth industry.

Some of the largest global hedge funds are expanding in the city-state, and the number of single family offices nearly doubled in 2021.

Founded by billionaire Zhang Lei 17 years ago, Hong Kong-based Hillhouse has grown from a boutique hedge fund into a behemoth with US$106 billion (S$144 billion) in assets at the end of 2021.

It is known for investing early in fast-growing companies, including Chinese e-commerce firms such as JD.com and Meituan. BLOOMBERG