The Alternative Investment Management Association told the Monetary Authority of
Singapore that an increasing number of hedge funds and asset managers are
considering moving staff and offices from Singapore to Hong Kong or other
lower-tax cities to attract investors. AIMA said some members are actively
negotiating with portfolio managers and staff and plan relocations within
months, and urged Singapore authorities to adopt timely strategic measures to
preserve Singapore’s competitiveness and value proposition for global
alternative asset managers. AIMA added “these are not isolated cases.” One
global asset manager reported shrinking headcount in Singapore alongside
substantial expansion in Hong Kong.
