licensed as the central bank seeks to tighten regulation of the industry, according to the local chapter of the Alternative Investment Management Association, the largest trade group for hedge funds.

According to Bloomberg pearl strand wholesale news, hedge-fund managers are currently exempt from holding a capital-markets services license, provided they manage funds on behalf of 30 or less of what the Monetary Authority of Singapore describes as 'qualified' investors.

'Almost certainly there will be pearl jewelry a move away from the current exempt regime to some form of licensing,' said Michael Coleman, chairman of AIMA's local branch, whose members are 'in dialogue' with the central bank on proposed industry reforms.

Licensing requirements may add to costs for Singapore's hedge-fund industry, which the local chapter of AIMA estimates oversees at least US$34.9 billion (S$48.7 billion), excluding assets managed by several of the large global firms, and which has grown from near zero in 1997 to now housing 138 single-strategy hedge-fund managers that employ more than 800 professionals.

Singapore's 'lighter regulatory touch' has enabled hedge-fund managers to set up business 'relatively quickly,' without cultured pearl jewelry risking any delay in getting the necessary licenses from the regulator, according to an overview of the industry published by AIMA.

'As part of MAS's risk-based supervisory approach, we keep in touch with the industry to get a good understanding of industry practices and challenges,' a spokesman at the regulator told Bloomberg news in an e-mail, adding: 'MAS will continue to monitor market developments and global initiatives, and fine-tune our regulatory approach as appropriate.'