Singapore outlines wealth management vision

A high-level report outlines steps to shift away from banking and forex toward fund management, custody and risk management.

Singapore's Economic Review Committee, a high-powered task force established by Goh Chok-Tong, prime minister, to shape the country's strategic outlook, has just released its recommendations for bolstering Singapore's role as a global wealth management centre. Some of these recommendations are sweeping.

First, the ERC has concluded that Singapore needs to refocus itself from being a trading centre for foreign exchange and investment banking to become a regional leader in wealth management, global processing and risk management. This is a response...

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