The funds management sector here is set for a boost with a Monetary Authority of Singapore (MAS) investment of US$5 billion (S$7 billion).
The move announced yesterday involves the central bank placing the capital with locally based fund managers who invest in private enterprises or infrastructure projects.
These are fast-growing areas in South-east Asia and Asia, and MAS wants to capture some of the value. The programme will bolster the funds management sector here as the money will be placed only with top global managers who commit to increasing their operations here or those that undertake to set up a significant presence here.
An earlier MAS fund centred on public markets has reaped benefits, as board member Peter Ong noted yesterday. The initiative "has anchored global asset managers in Singapore and catalysed the growth of our asset management industry".
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