GIC, Temasek, DBS AM, UOB AM, and Lion Global Investors drive market as total Singapore AUM hits S$6.07 trillion.

Record Total AUM and Growth Drivers

Singapore’s asset management industry recorded a record S$6.07 trillion in total assets under management (AUM) in 2024, up 12% year-on-year from S$5.41 trillion in 2023, according to the Monetary Authority of Singapore’s (MAS) Singapore Asset Management Survey 2024. The growth outpaced the global average, driven by both strong market performance and a significant rebound in net inflows. Net inflows totalled S$290 billion in 2024, a 50% increase from S$193 billion in the prior year, as fundraising activity recovered amid improved investor sentiment.

Discretionary AUM accounted for more than half of total AUM, underscoring Singapore’s appeal as a hub for investment professionals and decision-makers. The city-state continued to serve as a gateway for global capital: 77% of AUM was sourced from outside Singapore, while 88% of total AUM was invested globally. Across asset classes, traditional assets grew 16% and alternatives increased 14%. Within alternatives, private equity and venture capital AUM reached S$789 billion, hedge fund AUM stood at S$327 billion, real estate AUM at S$168 billion, and REIT AUM at S$115 billion.

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

Concentration Among Top Five Managers

Singapore’s top five asset managers—GIC, Temasek, DBS Asset Management, UOB Asset Management, and Lion Global Investors—collectively managed over S$2.5 trillion in aggregate AUM in 2024, according to an AI-powered synthesis of publicly available industry data. This aggregate figure implies that the five firms account for a substantial share of the total Singapore AUM of S$6.07 trillion. The concentration underscores the outsized role these entities play in the country’s asset management landscape.

GIC, Singapore’s sovereign wealth fund, and Temasek, the state-owned investment company, are the two largest contributors, together managing portfolios that span global public equities, private equity, real estate, and infrastructure. DBS Asset Management, the fund management arm of DBS Bank, offers institutional and retail solutions and maintains a significant presence in Asian fixed income and equities. UOB Asset Management, a subsidiary of United Overseas Bank, provides regional expertise across both traditional and alternative asset classes. Lion Global Investors, backed by OCBC Bank, specialises in Asian equities, fixed income, and multi-asset strategies tailored to institutional clients and retail investors.

The aggregate AUM figure positions the top five well ahead of other local and international managers operating in Singapore. The scale of their combined portfolios enables operational efficiencies that translate into lower expense ratios for their flagship funds, typically in the range of 0.15-0.40%—a competitive edge in a market where fee compression remains an ongoing trend.

Market Structure and Regulatory Context

The broader Singapore asset management ecosystem continued to expand in 2024. The number of licensed and registered fund management companies rose to 1,298 as of 31 December 2024, up from 1,250 a year earlier and 1,194 in 2022. The Variable Capital Companies (VCC) framework, introduced to enhance fund structuring flexibility, saw sustained adoption: 1,200 VCCs were incorporated or re-domiciled in Singapore as of end-2024, comprising 2,695 sub-funds and managed by 628 regulated fund management companies. VCC fund strategies were predominantly skewed toward private equity and venture capital (40%), followed by external asset managers and multi-family offices (22%), hedge funds (19%), traditional strategies (15%), and real estate (4%).

In the retail segment, authorised and recognised collective investment schemes (CIS) offered in Singapore increased 31% year-on-year to S$191 billion in aggregate. The alternative assets segment grew 14%, with private equity and venture capital alone reaching S$789 billion. A notable 48% of total AUM among asset managers based in Singapore carried an ESG overlay, reflecting sustained integration of sustainability considerations across portfolios.

The survey, which covers 1,364 respondents including banks, finance and treasury centres, Capital Markets Services licensees, financial advisers, insurance companies, and exempt entities, adjusts for double-counting among reporting entities that may have reported the same AUM mandates, such as fund-of-funds managers investing with Singapore-based asset managers.

Outlook

Continued net inflows, expanding adoption of the VCC framework, and sustained global investor interest are expected to push Singapore’s total AUM higher in 2025, with the top five managers likely widening their aggregate lead. The combination of Singapore’s stable regulatory environment, deep capital markets, and positioning as a gateway to Asia-Pacific growth opportunities will continue to attract both institutional capital and asset management talent. As fundraising conditions normalise and market performance supports asset values, the aggregate AUM of the top five managers is well-positioned to exceed the S$2.5 trillion mark in the near term.