Record growth lifted by 50% surge in net inflows to S$290 billion; traditional and alternative sectors both expanded double-digit.

Record AUM and Key Drivers

Singapore's asset management industry surpassed S$6 trillion for the first time in 2024, growing 12.2% year-on-year to reach S$6.07 trillion as of December 31, 2024, according to the Monetary Authority of Singapore's (MAS) Singapore Asset Management Survey 2024, released July 15, 2025. The headline figure marks the second consecutive year of expansion after a dip in 2022, following the previous high of S$5.4 trillion in 2021.

Growth was underpinned by two primary drivers: strong market performance across global equity and fixed-income markets, and a sharp recovery in net AUM inflows. The rate of expansion outpaced both the global average and Singapore's own 2023 growth rate, according to MAS. Singapore's financial services sector as a whole expanded 6.8% in 2024, more than double the 3.1% growth recorded a year earlier, reported The Business Times.

Net Inflows Surge 50% to S$290 Billion

Net AUM inflows into Singapore-based funds reached S$290 billion in 2024, a 50% increase over the S$193 billion recorded in 2023. MAS attributed the rebound to improving investment sentiment and revived fundraising activities, which had been subdued the prior year. The recovery was broad-based, with both traditional and alternative fund managers attracting fresh capital.

Discretionary AUM continued to account for more than half of total AUM in 2024, demonstrating sustained investor confidence in Singapore's fund management capabilities and the concentration of investment professionals in the city-state, MAS noted.

Sector Breakdown: Traditional and Alternatives

Both traditional and alternative asset classes posted double-digit growth. Traditional AUM increased 16% year-on-year, while alternatives rose 14%, according to the MAS survey.

Within alternatives, private equity and venture capital, along with hedge funds, led the expansion, driven by net inflows and asset value recovery. A notable bright spot was private credit: investments in this sub-sector rose 21% year-on-year, reflecting growing investor appetite for direct lending strategies in the region. Real estate and real estate investment trusts (REITs) saw a decline over the period, but the decline was more than offset by gains in other alternative segments, MAS reported.

The alternative sector's total AUM stood at S$789 billion in 2024, with private equity and venture capital accounting for S$327 billion, hedge funds S$261 billion, real estate S$115 billion, and REITs S$158 billion.

Singapore as a Global Gateway: Sourcing and Investment Flows

Singapore continues to function as a critical intermediary for global capital flows into Asia. MAS data show that 77% of total AUM was sourced from outside Singapore, with 33% originating from the Asia-Pacific region excluding Singapore. North America contributed 19%, Europe 12%, and the rest of the world 13%. Only 23% of AUM was sourced domestically.

On the deployment side, 88% of total AUM was invested globally, with 40% directed to the Asia-Pacific region excluding Singapore. This dual pattern—funds sourced largely from outside the region, and a significant share invested within it—reinforces Singapore's role as a neutral, regulated hub for Asia-focused capital formation and deployment.

%Source: Orionmano Industries

Fund Management Ecosystem Expansion

The number of licensed and registered fund management companies in Singapore rose to 1,298 as of end-2024, up from 1,250 a year earlier, reflecting continued interest from global and regional managers seeking to establish a presence in Asia. MAS noted particular interest from private equity and hedge fund managers setting up offices to tap regional opportunities.

The Variable Capital Companies (VCC) framework—a key regulatory innovation designed to attract fund domiciliation—saw continued adoption. As of end-2024, 1,200 VCCs comprising 2,695 sub-funds had been incorporated or re-domiciled in Singapore, managed by 628 regulated fund management companies.

The retail investment segment also expanded materially: authorised and recognised collective investment schemes (CIS) grew 31% to S$191 billion. Meanwhile, the corporate debt market saw total issuance increase more than 30% to exceed S$300 billion, according to The Business Times.

Outlook: While the 2024 figures represent a record for Singapore's asset management industry, the pace of growth may moderate. Global uncertainties—including geopolitical tensions, interest rate trajectories, and potential slowdowns in fundraising—could temper net inflows in 2025 and beyond. Nonetheless, Singapore's structural positioning as a neutral, well-regulated gateway for Asia-focused capital remains intact, supported by continued institutional demand for exposure to the region's growth markets and an expanding ecosystem of fund managers and service providers.