Strong market performance and 50% surge in net inflows propel assets past S$6 trillion for first time.

Record Growth in Assets Under Management

Singapore's asset management industry crossed the S$6 trillion threshold for the first time in 2024, with total assets under management (AUM) reaching S$6.07 trillion as at 31 December 2024. This represents a 12.2% increase from S$5.41 trillion in 2023, according to the Monetary Authority of Singapore's annual Asset Management Survey. The growth rate outpaced the global average, marking a significant milestone for the city-state's financial sector.

The S$6.07 trillion figure reflects a steady upward trajectory over the past five years, despite a temporary dip in 2022 when AUM fell to S$4.91 trillion amid global market volatility. Since 2019, when AUM stood at S$3.98 trillion, the industry has expanded by over 50%, underscoring Singapore's deepening role as a premier asset management hub in Asia Pacific.

AUM (S$ billion) (S$ billion)Source: Orionmano Industries

The growth was broad-based across both traditional and alternative sectors. Traditional strategies recorded a 16% increase, while alternative assets—spanning private equity, venture capital, hedge funds, real estate, and real estate investment trusts—grew by 14%, according to the MAS report released on 15 July 2025.

Drivers: Market Performance and Net Inflows

The headline growth was propelled by two complementary forces: strong market performance and a sharp rebound in net inflows. Favorable equity and fixed-income markets contributed to valuation gains across portfolios, while renewed investor confidence drove a substantial increase in fresh capital commitments.

Net inflows rose 50% year-on-year to S$290 billion in 2024, up from S$193 billion in 2023. This rebound signals a recovery in fundraising activity, which had been subdued in the previous year amid a higher interest rate environment and geopolitical uncertainty. The S$290 billion figure represents the highest level of net inflows since 2021, when inflows reached S$327 billion, according to MAS data.

Net inflows (S$ billion) (S$ billion)Source: Orionmano Industries

The improving investment sentiment was reflected across the ecosystem. The number of licensed and registered fund management companies increased to 1,298 by end-2024, up from 1,250 a year earlier. The Variable Capital Companies (VCC) framework continued to gain traction, with 1,200 VCCs comprising 2,695 sub-funds now incorporated or re-domiciled in Singapore, managed by 628 regulated fund management firms.

Source and Allocation of Funds

The survey data reinforces Singapore's position as an international gateway for capital flows into and out of Asia. A full 77% of AUM was sourced from outside Singapore, with the Asia-Pacific region (excluding Singapore) contributing the largest share at 33%. Singapore-sourced funds accounted for 23% of the total, followed by North America (19%), Europe (12%), and the rest of the world (13%).

On the deployment side, 88% of AUM was invested outside Singapore, with 40% allocated to Asia-Pacific (excluding Singapore). This pattern underscores the role of Singapore-based asset managers as intermediaries channeling global capital into Asian growth opportunities, while also providing regional investors access to international markets.

%Source: Orionmano Industries

The retail investment segment also expanded, with authorised and recognised collective investment schemes growing by 31% to S$191 billion in aggregate, reflecting broader participation from individual investors.

Growth in Alternative Assets

Alternative asset classes demonstrated robust performance, with total alternative AUM reaching S$1.389 trillion in 2024, up 14% from the prior year. The growth was led by assets managed by private equity, venture capital, and hedge fund managers, driven by both net inflows and asset value recovery, which more than offset a decline in REIT and real estate AUM.

Within the alternative segment, private credit posted the fastest expansion, growing 21% year-on-year. This surge reflects sustained institutional demand for yield-enhancing strategies in an environment where traditional fixed-income yields, while improved, remain below the return expectations of many institutional investors. Private equity and venture capital combined reached S$789 billion, while hedge funds accounted for S$327 billion, real estate S$115 billion, and REITs S$158 billion, according to MAS data.

The strong alternative growth occurred alongside a 16% expansion in traditional strategies, which remain the larger component of Singapore's AUM base. ESG-aligned assets constituted 48% of total AUM, with 284 asset managers offering ESG strategies.

Outlook

Despite ongoing macroeconomic and geopolitical uncertainties—including persistent inflation concerns in developed markets and tensions in global trade—Singapore's asset management industry is expected to sustain its growth trajectory. The MAS noted in its survey report that demand for alternative strategies such as private credit and secondaries is expected to continue driving growth.

Singapore's competitive advantages remain intact: a robust regulatory framework, deep professional services ecosystem, tax-efficient fund structures, and strategic positioning as a gateway to Asia. "Our financial ecosystem will be tough on suspicious and illegitimate monies, but welcoming and efficient to legitimate wealth," said MAS deputy managing director Chia Der Jiun during the survey release.

The continued adoption of the VCC framework, interest from global private equity and hedge fund managers in establishing Singapore offices, and the city-state's expanding network of double taxation agreements provide structural support for further AUM growth. As Asia's wealth creation continues and institutional allocation to the region increases, Singapore is well-positioned to capture a disproportionate share of these flows.