MAS survey shows Singapore's asset management industry surpasses S$6 trillion for first time, driven by strong market performance and fundraising recovery.

Overview: AUM Crosses S$6 Trillion

Singapore's total assets under management reached S$6.07 trillion as of December 31, 2024, marking a 12.2% year-on-year increase and the first time industry AUM has exceeded the S$6 trillion threshold, according to the Monetary Authority of Singapore's Singapore Asset Management Survey 2024. The growth was driven by both strong market performance and a sharp recovery in net inflows. Singapore's financial services sector expanded 6.8% in 2024—more than double the 3.1% growth in 2023—and accounted for approximately 14% of Singapore's GDP, Deputy Prime Minister and MAS Chairman Gan Kim Yong said in the central bank's annual report released on July 15, 2025.

The number of licensed and registered fund management companies rose to 1,298 as of end-2024, up from 1,250 a year earlier, according to the MAS survey. 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 companies.

Net Inflows Rebound Sharply

Net inflows into Singapore rose 50% year-on-year to S$290 billion in 2024, recovering from the subdued fundraising environment of 2023 when inflows fell to S$193 billion. The rebound was driven by improving investment sentiment and asset value recovery, according to the MAS. Discretionary AUM accounted for more than half of total AUM in 2024, demonstrating ongoing investor confidence in Singapore's fund management capabilities.

Net Inflows (S$ billion)Source: Orionmano Industries

The retail investment segment also expanded, with authorised and recognised collective investment schemes growing 31% to S$191 billion. The corporate debt market saw total issuance increase more than 30% to exceed S$300 billion, reflecting elevated trading activity amid shifts in global and domestic financial market sentiments.

Composition: Traditional and Alternative Sectors

Traditional AUM increased 16% year-on-year in 2024, while alternative AUM grew 14% to S$1.39 trillion. Within alternatives, private equity and venture capital AUM climbed 20% to S$789 billion, and hedge fund assets rose 37% to S$327 billion from S$239 billion. The growth in alternative AUM was driven by both net inflows and asset value recovery.

Real estate-related assets, however, saw a decline. REIT AUM fell 15% to S$115 billion from S$136 billion, while direct real estate AUM declined 6% to S$158 billion from S$168 billion. Investments in private credit rose 21% year-on-year, indicating growing investor appetite for alternative credit strategies.

AUM (S$ billion)Source: Orionmano Industries

According to the MAS report, "Singapore saw continued interest from global and regional asset managers, in particular private equity and hedge fund managers, seeking to establish offices here to tap regional opportunities."

Geographic Sourcing and Investment Flows

Singapore remains a gateway for global capital flows into Asia. The MAS survey found that 77% of AUM was sourced from outside Singapore, with 33% coming from Asia-Pacific excluding Singapore, 19% from North America, 12% from Europe, and 13% from the rest of the world. Singapore-sourced AUM accounted for 23% of the total.

On the investment side, 88% of total AUM was invested globally, with 40% directed to Asia-Pacific excluding Singapore, reflecting Singapore's role as a hub for regional investment allocation.

%Source: Orionmano Industries

Commenting on the outlook, MAS Managing Director Chia Der Jiun noted that the city-state will continue to be a trusted wealth management centre underpinned by high regulatory standards. "Our financial ecosystem will be tough on suspicious and illegitimate monies, but welcoming and efficient to legitimate wealth," he said. However, the MAS cautioned that while Singapore's AUM growth outpaced global averages in 2024, the pace is unlikely to continue amid global uncertainties. The sustained interest from private equity and hedge fund managers establishing regional offices, combined with the growing VCC ecosystem and increasing fund manager count, suggests that Singapore's asset management hub status retains structural momentum even as the growth rate may moderate.