Capital markets activities generated an estimated S$18.7 billion in revenue in 2024, driven by asset management fees, brokerage commissions, and corporate finance fees.

Revenue Composition and Market Scale

Singapore’s capital markets ecosystem generated an estimated S$18.7 billion in revenue during 2024, according to industry calculations based on regulatory data and market activity metrics. The figure reflects the combined contribution of asset management fees, brokerage commissions, and corporate finance advisory fees—the three primary revenue streams underpinning the city-state’s financial centre operations.

The Monetary Authority of Singapore’s (MAS) 2024 Asset Management Survey, released on 15 July 2025, provides the foundation for understanding the dominant revenue component. Assets under management (AUM) reached S$6.07 trillion as of 31 December 2024, a 12.2% increase from S$5.41 trillion in 2023. This marked the first time Singapore’s AUM crossed the S$6 trillion threshold. Net inflows into Singapore grew 50% year-on-year in 2024, recovering from the subdued fundraising environment of 2023 as investor sentiment improved.

The number of licensed and registered fund management companies rose to 1,298 by end-2024, up from 1,250 a year earlier, signalling sustained institutional commitment to Singapore as an asset management hub. The Variable Capital Companies (VCC) framework saw continued adoption, with 1,200 VCCs comprising 2,695 sub-funds incorporated or re-domiciled in Singapore, managed by 628 regulated fund managers.

Asset Management: The Dominant Revenue Driver

Asset management fees constitute the largest portion of the S$18.7 billion estimate, reflecting AUM growth across both traditional and alternative asset classes. The MAS survey documents a 14% increase in alternative AUM in 2024, led by private equity, venture capital, and hedge fund managers. Private equity and venture capital AUM climbed 20% to S$789 billion, while hedge fund assets rose 37% to S$327 billion from S$239 billion in 2023. Real estate-related assets saw declines, with REIT AUM falling 15% to S$115 billion and direct real estate AUM dropping 6% to S$158 billion.

A notable trend was the 21% year-on-year increase in private credit investments, as institutional investors sought yield in a higher-for-longer interest rate environment. The retail segment also expanded: authorised and recognised collective investment schemes (CIS) offered in Singapore grew 31% from 2023 to S$191 billion in aggregate. Among asset managers based in Singapore, monies managed with environmental, social, and governance (ESG) overlay constituted 48% of total AUM.

The broader financial sector context reinforces the AUM growth story. Singapore’s financial sector growth doubled in 2024, with the insurance industry’s total assets increasing 3.6% to S$456.4 billion. Foreign exchange average daily traded volumes surpassed $1.5 trillion, and the corporate debt market registered strong growth, with total issuance increasing more than 30% from the previous year to exceed S$300 billion.

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

Corporate Finance and Investment Banking Fees

Corporate finance fees—encompassing equity capital markets (ECM), debt capital markets (DCM), and M&A advisory—formed the second major pillar of the S$18.7 billion revenue estimate. While the headline revenue figure is for calendar 2024, forward indicators from Q1 2026 demonstrate sustained momentum. Investment banking fees in Singapore reached approximately US$187.8 million in Q1 2026, an 8.2% year-on-year increase and the strongest opening quarter in three years, according to LSEG data reported by The Business Times.

Equity capital markets underwriting fees rose more than sevenfold year-on-year to US$57.3 million in Q1 2026. Overall equity issuance proceeds totalled US$2.7 billion, the strongest start for the segment since 2013. Three initial public offerings (IPOs) on the Singapore Exchange during the quarter raised a 13-year-high figure of US$791.9 million, anchored by the US$944.3 million IPO of UI Boustead Reit—the largest offering in the region since 2017. The financial sector dominated ECM activity with a 76.4% market share (US$2.0 billion), followed by high technology at 14.6% (US$388.9 million) and healthcare at 3.4%.

DBS Group took the top position in the Singapore-domiciled equity and equity-linked underwriting league table for Q1 2026 with US$564.4 million in related proceeds. Citi emerged as the overall investment banking fee leader with a 12.7% wallet share.

Debt capital markets presented a mixed picture. Primary bond offerings from Singapore-domiciled issuers reached US$8.8 billion in Q1 2026, a 30.7% decline from a year earlier, as the market normalised following a record 2025. Financial sector issuers captured a 72.8% market share worth US$6.3 billion, supported by major offerings from DBS Bank, UOB, and OCBC. The number of primary bond issues fell 30% to a three-year low. However, syndicated lending fees grew 69.9% year-on-year to US$58.8 million, offsetting a 42% decline in DCM fees to US$35.5 million.

Outlook and Forward Indicators

The S$18.7 billion revenue baseline for 2024 appears sustainable into 2025 and 2026, supported by structural drivers. MAS noted that “the outlook in Asia remain conducive for asset managers seeking growth and diversification into new market opportunities, including private credit and secondaries.” The regulator acknowledged that “world events in 2025 are expected to have an impact on global economic outlook, and influence investor risk appetite and portfolio allocations,” and that asset managers face challenges including digital transformation, cost optimisation, and revenue compression amid economic uncertainties.

Net inflows rebounding 50% in 2024, combined with the sustained growth in alternative assets and the strongest Q1 investment banking fee performance in three years, suggest the capital markets revenue trajectory remains positive. The continued expansion of fund management companies and VCC adoption points to deepening market infrastructure that should underpin fee generation across asset management, brokerage, and advisory activities.