Applications for fund management licences in Singapore are up more than a tenth in the past year as asset managers look to fireproof their Asia operations in the wake of Hong Kong’s anti-government protests.
Global investment houses have traditionally established significant bases in Hong Kong, using it as a launch pad to expand across the region.
But months of violent demonstrations in the Chinese territory, as well as fresh fears linked to the spread of the deadly coronavirus emanating from China, are spurring asset managers to strengthen their operations in the nearby financial hub of Singapore.
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