MAS survey: 969 VCCs and 1,995 sub-funds established in Singapore

What changed?

MAS's Singapore Asset Management Survey 2022 reported that, as of 2 October 2023, 969 VCCs had been incorporated or re-domiciled in Singapore — including 18 re-domiciled from overseas — representing 1,995 sub-funds managed by 544 regulated fund management companies, supported by more than 250 fund service providers.

Why it matters for fund managers

Nearing the four-year mark, the structure was closing in on a thousand vehicles, with a service-provider ecosystem to match. The sub-fund ratio — roughly two per umbrella — shows managers were genuinely using the umbrella structure rather than incorporating single-strategy VCCs.