Sources in the asset management industry are enthusiastic
about a new corporate structure for funds. Expected to take
effect in 2019, proposed changes could be an important step in
attracting funds to set up in Singapore and are a potential
game changer for the asset management industry.
However, much work remains until the Singapore Variable
Capital Companies (VCC) structure is implemented, including
further dialogue the Monetary Authority of Singapore needs to
have with industry on taxation and regulatory issues.
"The proposed framework is business friendly, flexible and
will serve the needs of mainstream and alternative investment
products," said Jason Eng, general counsel and chief compliance
officer at Dymon Asia. "It’s a positive step
overall in allowing Singapore to bring the entire substance and
ecosystem of fund management to its shores."
From a private funds perspective, too, there is excitement
about the proposals for the introduction of the new VCC...