Singapore and Hong Kong are ramping up tax incentives to attract fund managers as their rivalry intensifies. The Monetary Authority of Singapore announced on August 19 tax exemptions on certain investment profits for fund managers, including those running single family office funds, roughly two months after Hong Kong gazetted a bill expanding tax-free treatment of carried interest. Singapore’s asset management sector has grown to roughly S$7 trillion in assets under management, expanding at an average annual rate of 7.5% over the past five years. Both financial hubs are vying for talent and trillions of dollars in assets under management, with Dubai emerging as a third alternative.
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