January 15, 2020 / 4:00 AM / 3 days ago

Singapore launches new fund framework to bolster finance industry

SINGAPORE, Jan 15 (Reuters) - Singapore launched a new corporate structure for investment funds with 20 so-called Variable Capital Companies (VCC) on Wednesday, a scheme designed to attract more funds to base themselves in the Asian city-state.

The new framework will give fund managers greater flexibility in share issuance and dividend payment, and allow them to set up multiple funds in a single VCC to reduce costs, the Monetary Authority of Singapore and companies regulator ACRA said in a joint statement.

The VCCs launched on Wednesday include venture capital, private equity and hedge funds, while authorities also unveiled a grant scheme to encourage more such funds to locate in Singapore.

Months of anti-government protests in rival Asian finance hub Hong Kong have increased Singapore’s allure, with some wealth managers scrapping plans to open offices in the Chinese-ruled city in favour of the Southeast Asian nation.

Singapore’s central bank has warned wealth managers not to aggressively court business from Hong Kong. (Reporting by Aradhana Aravindan; Writing by John Geddie; Editing by Stephen Coates)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below