We talk to Jolene Tan, a prominent figure in Singapore for her work at The Association of Independent Wealth Managers Singapore and as co-founder of SingAlliance. In what is now a regular catch-up interview, she gives a sense of progress and changes taking place. This article is part of a series.

If any individual has a helicopter-level view of Singapore’s external asset managers sector – and those in the surrounding region – it surely must be SingAlliance Pte co-founder Jolene Tan. She is also president of the Association of Independent Wealth Managers Singapore.

The sector has expanded rapidly, and new entrants keep entering the fray, while there has been a measure of consolidation because firms are adapting to regulatory requirements. Total AuM, the Monetary Authority of Singapore said, stood at S$5.4 trillion ($4.01 trillion) in Singapore in 2023. Discretionary assets accounted for more than half of that total figure. Not all that money will be held by EAMs, of course, but the figure suggests what a large field this is now. The number of licensed and registered fund management companies in Singapore increased from 1,194 as at December 2022 to 1,250 by December 2023.

Tan was among those interviewed by WealthBriefingAsia as it prepared coverage on EAMs. One theme that emerges is frustration over long onboarding times. Singapore has been seeking to crack down on money laundering following a large recent court case. Tan argues that excuses for long onboarding times that blamed regulations aren’t going to fly, however. 

“As an EAM, we have a duty to conduct thorough know your client (KYC) and due diligence when onboarding clients. By the time we engage with a bank, all necessary requirements should already be met, ensuring a seamless process without unnecessary delays or repeated requests for documentation,” Tan said. 

“However, onboarding may still be delayed due to factors such as banks lacking experienced personnel with a deep understanding of the EAM business, varying expectations for source of wealth corroboration, or heightened scrutiny amid recent AML developments. These challenges result in opportunity costs for both EAMs and our clients,” she continued. 

Today, all EAMs must have a Capital Markets Services Licence – a change to an older system of varying requirements.

(Note: nominations are open for the Fourth WealthBriefingAsia EAM Awards, 2025, with the public announcement in Singapore, on 16 October.)

Everyone likes VCCs
One major regulatory development that seems to elicit unqualified praise is the Variable Capital Company, or VCC. There are tax advantages. For example, dividends paid by a Singapore tax resident VCC to its shareholders are generally exempt from tax.

Established by legislation in 2020, VCCs are a framework for managing multiple, segregated collective investment schemes (sub-funds) within a single legal entity. All VCCs must be managed by what is called a Permissible Fund Manager. The oversight of VCCs falls under the purview of the Accounting and Corporate Regulatory Authority (ACRA), which administers the VCC Act and related regulations. 

And, for some time, it has been hoped that the authorities, including the Monetary Authority of Singapore, would produce a second version of the VCC structure. This is still being developed. As Tan explained in July last year, key considerations include enhancing the flexibility of existing funds to convert to VCCs and broadening the eligibility criteria to encompass a wider range of market participants. 

Since they were created, VCCs have been adopted within various sub-classes – VC, hedge funds and private equity. Singapore policymakers want to see funds to Singapore from other jurisdictions being re-domiciled. 

Family offices
Family offices' use of VCCs has been a notable feature. For example, in June 2023 DBS Private Bank, in targeting ultra-high net worth individuals, launched a multi-family office that uses the VCC structure. Called the DBS Multi Family Office Foundry VCC, it operates as an umbrella VCC with underlying sub-funds. Clients must invest at least $15 million in managed assets to qualify.

And that sort of change reflects how Singapore continues to encourage family offices in general. “The government is still very supportive of this area,” Tan said. 

At the same time, Tan said, there is a focus on ensuring the sector’s sustainable development to uphold Singapore’s reputation as a trusted and secure family office hub. For example, it now has an updated regulatory framework for single-family offices.

Family offices have certainly grown very quickly in Singapore, reaching 2,000 in 2024, up from 1,650 in 2023 (source: Reuters, 14 January, quoting official figures).

SingAlliance
SingAlliance Pte, Tan said, manages all its clients' assets through discretionary portfolios, adopting a holistic approach commonly seen in the Western EAM model.

The firm takes a comprehensive approach to wealth management, extending beyond investment to providing a full suite of family office services, including estate and legacy planning, Tan continued. 

“Some of our peers only do investment,” she said. “Because we take a broader view of our clients’ wealth, we gain deeper insights into their overall circumstances and needs.”

Several international and local banks are “beefing up” their EAM service arms, Tan said. Swiss banks continue to strengthen their presence in the space. Bank of Singapore, which is also “very committed” to EAMs, is “investing significantly in digital solutions and infrastructure,” she said. LGT, the Liechtenstein-headquartered firm, is another example, which has always been committed to the EAM sector. Other banks, including VP Bank and BNP Paribas, are also active in this space.

Tan also noticed that non-traditional banking models in the custody space are also gaining traction, such as Saxo, Swissquote, Sygnum, Tiger Brokers, Moomoo, and Interactive Brokers. (See this interview with Interactive Brokers, for example; we are also due to carry a profile of Saxo). 

However, some banks, such as HSBC and JP Morgan, have closed their EAM desks, Tan said. 

The Association of Independent Wealth Managers Singapore, Tan concluded, is building a certification programme to elevate standards in the EAM industry – a plan it had previously shared with the MAS. The programme is designed to improve compliance, raise professionalism and boost the industry’s reputation.

Given such growth and change, Tan and her industry peers will be busy for some time to come.