Singapore AUM Hits S$5.4T in 2023, 10% CAGR Over Five Years
The city-state outpaces Asia's 8% growth, with 77% of funds sourced abroad and 89% invested overseas.
By Rohan Gupta·June 15, 2024·4 min readOrionmano Industries
The city-state outpaces Asia's 8% growth, with 77% of funds sourced abroad and 89% invested overseas.
Singapore’s AUM Rebounds to S$5.4 Trillion in 2023
Singapore's asset management industry recorded total assets under management of S$5.41 trillion as of 31 December 2023, a 10% increase year-on-year that marked a strong recovery from the S$4.91 trillion recorded in 2022. The 2023 figure represents a five-year compound annual growth rate of 10% from S$3.44 trillion in 2018, according to the Monetary Authority of Singapore's Singapore Asset Management Survey 2023.
The 10% growth in Singapore outpaced the broader Asia AUM growth of 8% in 2023. Global AUM grew 12% over the same period, lifted by the recovery in global bonds and equities following a challenging 2022. MAS Managing Director Chia Der Jiun described the financial sector's 2023 performance as showing "good progress across the board."
Exhibit
Singapore AUM (S$ billion), 2018–2023
AUM grew from S$3.44T to S$5.41T over six years, with a dip in 2022.
Singapore's position as an international asset management hub is underscored by the dominant share of cross-border capital. The MAS survey reports that 77% of total AUM was sourced from outside Singapore, while 89% of total AUM was invested outside the country. Asia Pacific ex-Singapore contributed the largest share of foreign-sourced funds at 42% of total AUM. North America accounted for 20%, Europe for 14%, and the Rest of World for 1%. Singapore's own domestic funds made up 23% of total AUM.
Net AUM inflows in 2023 were positive at S$193 billion, though this marked the lowest level since 2018. MAS attributed the moderation to "challenges faced by asset managers in raising funds and managing monies, amid continued market volatility in public markets and investors' caution." The 2023 inflows were notably lower than the elevated levels of 2021 and 2022.
Exhibit
Sources of Singapore AUM by Region, 2023
77% of AUM sourced from outside Singapore.
%Source: Orionmano Industries
Sectoral Growth: Alternatives, ESG, and Fund Manager Expansion
Alternative asset classes experienced notable growth. Private equity and venture capital AUM extended its upward trajectory with a 12% increase, while hedge fund AUM rose 5%. The recovery in alternatives helped offset a slight decline in real estate investments, which faced headwinds from higher financing costs.
ESG integration remained a significant theme. MAS reported that 51% of total AUM was managed with ESG strategies, reflecting sustained demand from institutional and retail investors for sustainable investment products.
The Variable Capital Companies (VCC) framework, introduced in 2020 to enhance fund domiciliation, saw continued adoption. By end-2023, 1,029 VCCs representing 2,158 sub-funds had been incorporated, managed by 565 regulated fund management companies. The number of licensed and registered fund management companies rose to 1,250 by end-2023, demonstrating sustained interest from global and regional asset managers in establishing Singapore operations.
The traditional retail segment also expanded. Authorised and Recognised Collective Investment Schemes aggregated S$146 billion, a 15% increase year-on-year from the previous year.
Corporate Debt Market and Broader Financial Sector
Singapore's corporate debt market rebounded strongly in 2023, driven by increased financing needs from global corporates funding business expansion despite elevated interest rates. New debt issuances rose 21% to S$230 billion. The outstanding size of the corporate debt market increased 10.5% to S$566 billion.
The insurance sector continued to grow in parallel with asset management. Net premiums increased 6.4%, while total insurance sector assets rose 6.8%.
The broader financial sector's performance in 2023 sets a foundation for continued expansion. The 2024 Singapore Asset Management Survey, released by MAS in July 2025, already reports AUM climbing 12% to S$6.07 trillion, driven by strong market performance and a rebound in net inflows that grew 50% year-on-year. The 2024 data confirms sustained momentum despite the cautious fundraising environment of 2023, with the cross-border sourcing share remaining consistent at 77% and overseas investment at 88%.
