The Monetary Authority of Singapore MAS has released data showing that the Lion City continues to grow its fund management industry. The de-facto central bank says in 2001, total assets managed in Singapore grew by 11% to S$307 billion $171.45 billion, with both discretionary and non-discretionary assets posting gains.
Last year was a lousy year for the funds industry, which struggled against the popping of the Nasdaq bubble and anaemic economic growth. Worse for Singapore, the news was full of anecdotes about fund managers shifting resources to Hong Kong to be closer to the action in Greater China and Korea. So it is a tribute that in difficult times Singapore actually grew its funds...
