Battle of wealth hubs: Singapore unveils fund manager tax breaks to counter Hong Kong

International Finance Business Desk — Fri, 21 Aug 2026 00:00:54 +0000

Singapore has pledged to exempt a share of the profits earned by fund managers and investment professionals when they deliver strong returns for investors, in a direct response to Hong Kong’s push to lure hedge fund talent with its own carried interest tax breaks, according to the Monetary Authority of Singapore.

The MAS, alongside Singapore’s Ministry of Finance, said on Wednesday it would introduce the exemption for qualifying funds as part of a broader package of measures designed to keep the city state competitive as an asset management hub. Full details of the exemption are expected to be unveiled at Budget 2027, likely in February next year.

The regulator also announced a new program for hedge fund investments intended to anchor large managers in Singapore, though terms have not yet been disclosed.

Separately, the MAS and Ministry of Manpower will loosen income requirements for the Overseas Networks & Expertise Pass, a five-year visa that lets holders switch employers without reapplying.

Previously, the pass required a fixed monthly salary of SUSD 30,000, but now, other forms of income can meet this threshold through other forms of income.

The announcement follows months of lobbying by the hedge fund industry, which has warned that Singapore risks falling behind Hong Kong in the contest for regional headquarters.

Hong Kong introduced a bill to its Legislative Council in May proposing tax breaks on eligible carried interest and performance bonuses for individual fund managers, prompting the Alternative Investment Management Association to caution the MAS in July that the move would widen the personal tax gap between the two hubs.

Data cited by industry trackers illustrate the shift already under way. Hong Kong’s assets under management climbed 20% in 2025 to a record HKUSD 42.2 trillion, aided by a surge in net fund inflows.

By contrast, hedge fund assets in Singapore rose 37% in 2024 to SUSD 327 billion, even as some global managers reported trimming headcount in the city in favour of expanding their Hong Kong presence.

Rents, visa processing times and waiting lists for international schools in Hong Kong have also improved, factors that industry executives say have helped draw expatriate staff back to the territory after years of pandemic-era restrictions and political uncertainty dented its appeal.

Singapore already offers fund tax exemptions under Sections 13D, 13O, and 13U of its Income Tax Act, primarily aimed at attracting family offices and requiring funds to be managed by Singapore-based managers.

The new measures extend the state’s incentive framework specifically to individual fund managers and traders, mirroring the personal tax relief route Hong Kong has taken.

Analysts said the timing of Wednesday’s announcement, ahead of firm details, was designed to give asset managers early visibility as they weigh where to base new regional operations.

Hong Kong’s competing legislation continues to move through its legislature, with both hubs now expected to finalize their respective tax frameworks within the coming months as the contest for Asia’s fund management business intensifies.

The post Battle of wealth hubs: Singapore unveils fund manager tax breaks to counter Hong Kong appeared first on International Finance.

Singapore’s Portal launches fund targeted at APac HNWIs

International Finance Desk — Thu, 14 Nov 2019 11:37:11 +0000

Singapore’s Portal Asset Management recently launched its first fund, targeted at high networth individuals (HNWIs). The fund is called Portal Digital Fund. It targets prominent investors in Asia Pacific and operates on the basis of a fund-of-funds structure. The firm aims to have $100 million in funds under management in the long run, the Business Times reported.

Portal’s initial fundraising will close on March 31, 2020. It will largely focus on high net worth individuals, family businesses and boutique institutional investors.

“With global assets now capable of being digitised, fractionated and traded using blockchain technologies, digital assets are set to become the fourth superclass, joining the traditional classes of store of wealth, capital and goods,” the firm told the media.

ConsenSys in its asset management report noted that blockchain has transformative capabilities to improve efficiency in asset management. It appears that adoption of cryptocurrencies and rapid advancements in blockchain solutions are having a large impact on the global financial economy.

Portal will create a portfolio comprising up to eight specialist global fund managers to ensure returns unassociated with traditional securities market. The portfolio will have two investment streams. The first is quantitative-driven trading, while another one is long-only venture capital and private equity funds.

The firm has reviewed more than 100 digital fund managers using a macro-thematic top-down investment process coupled with a basic bottom-up investment analysis approach. In the last two years, it has aggregated over 700 digital fund managers.

Portal’s advisory committee consists of experienced researchers and blockchain specialists, including Nitin Gaur, director of IBM’s Blockchain Labs, as well as Matt Spoke, founder and managing director of AION Network.

The post Singapore’s Portal launches fund targeted at APac HNWIs appeared first on International Finance.

fund managers Archives - International Finance

Battle of wealth hubs: Singapore unveils fund manager tax breaks to counter Hong Kong

Singapore’s Portal launches fund targeted at APac HNWIs