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3 clusters · 17 sources · 13 days · First seen · Last updated

Singapore-Hong Kong asset management competition

Overview

Singapore and Hong Kong are intensifying their competition to become Asia’s premier financial hub, specifically targeting the high-level asset management and wealth management sectors. Together, the two cities manage nearly $10 trillion in assets, with Singapore holding approximately $5.5 trillion and Hong Kong holding $4.5 trillion.

Tax incentives have emerged as a primary battleground. Hong Kong is progressing legislation to offer preferential tax treatment on carried interest to a broader range of alternative investment groups. In response, the Monetary Authority of Singapore (MAS) has introduced measures to enhance the city-state’s attractiveness, including profit exemptions for fund managers delivering strong returns in qualifying funds.

This rivalry is also driving aggressive hiring within the wealth management sector. In Singapore, major banks are racing to expand their franchises: DBS aims to add 600 front-line advisers by 2028; OCBC Bank plans to hire 600 relationship managers over the next three years; and UOB intends to double its sales team by the end of 2026.

Concurrently, Hong Kong’s financial sector is experiencing a demographic shift. As the client base moves toward mainland China, the demand for Western professionals is declining. This has resulted in a surge of highly qualified professionals from mainland China arriving via talent visa programs—increasing from 19,000 in 2016 to approximately 90,000 in 2025—leading local firms to prioritize Mandarin fluency and expertise in the Chinese market.

Entities

Singapore · Monetary Authority of Singapore · Hong Kong · Citigroup · UOB

Timeline

  1. 12 days ago

    [BUSINESS] 4 sources
    Singapore and Hong Kong compete for wealth management talent

    Singapore and Hong Kong are competing for wealth management talent and investment through massive bank hiring drives and new tax incentive packages for fund managers.

  2. 19 days ago

    [BUSINESS] 3 sources
    Hong Kong and Singapore compete for dominance in Asian asset management

    Hong Kong and Singapore are competing for dominance in Asian asset management through tax reforms and talent incentives, amid a shift in Hong Kong toward mainland Chinese professionals.

  3. 24 days ago

    [BUSINESS] 12 sources
    Singapore unveils tax incentives to attract global asset managers

    Singapore is launching tax exemptions on profit-linked returns and new investment programs to lure hedge fund managers, escalating a financial rivalry with Hong Kong.

Sources

aisj.org · antaranews.com · asiaasset.com · asianbankingandfinance.net · cnbcindonesia.com · conventuslaw.com · courrierinternational.com · cryptobriefing.com · europesays.com · finanzen.at · fundselectorasia.com · gavroche-thailande.com · internationalfinance.com · kliinik.ee · rmol.id · scmp.com · stheadline.com

This summary has been updated 1 time: see revision history