Singapore continues to make itself more hedge fund-friendly. They’ve just clarified rules for small funds, whereby firms with less than $183 million under management and 30 qualified clients or less can operate with a licence.In response, seven new hedge funds started up in May and June, according to Eurekahedge. This is a lot for two months given that only 26 hedge funds started up in Singapore during 2009.
Singapore’s hedge-fund industry grew to $43 billion at the end of 2009, from about $10 billion in 2005, according to the central bank. There were 320 hedge-fund managers in the city- state last year, compared with fewer than 20 before 2001, according to the MAS.
The number of hedge funds overseen by managers licensed by the Securities and Futures Commission in Hong Kong grew to 542, nearly five times the 2004 number, according to a September report from the regulator. Total assets managed by the industry stood at $55.3 billion as of March 31, 2009, representing six times the level in 2004, according to the SFC.
That’s right, assets under management quadrupled in Singapore across a span of just four years, inclusive of a global financial crisis. London and New York are taking their dominance far too much for granted, even if they still have substantially larger hedge fund industries.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.