Posted by
whoyg10320 on Sunday, November 08, 2009 9:11:58 PM
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.'