Earthtimes- Assets managed by hedge funds in Singapore shot up from 7.7 billion US dollars to 16.5 billion US dollars in the first half of this year, a HedgeFund Intelligence report said on Monday. Twenty new hedge funds set up shop in the city-state during ths six months, boosting the total to more than 100 for the first time.<\/p>\n
“Growth of the industry in Singapore has steadily built up over the past few years,” The Business Times quoted Neil Wilson, managing director of London-based HedgeFund Intelligence, as saying.<\/p>\n
HedgeFund Intelligence keeps track of funds worldwide. The industry in the city-state expanded faster than the global average of 19 per cent over the period. The average for Asia was 13 per cent.<\/p>\n
Singapore, however, remains the smallest of major hedge fund centres in the Asia-Pacific region, Wilson said, citing Australia’s 38.6 billion US dollars, Hong Kong’s 28.3 billion and Japan’s 17.2 billion US dollars.<\/p>\n