More hedge fund firms and asset managers shift operations to HK from Singapore: Bloomberg

A growing number of hedge fund firms and asset managers are looking to shift operations from Singapore to Hong Kong, or other cities with lower taxes, Bloomberg reported.
In a letter from the Alternative Investment Management Association (AIMA) to the Monetary Authority of Singapore (MAS), AIMA mentioned that some of its members are having conversations with portfolio managers and staff that aim to relocate within months, urging authorities to implement strategic measures to maintain competitiveness.

According to Bloomberg, the letter cites a leading global asset management firm whose Singapore staff has dropped in recent years, while that of Hong Kong operations have grown significantly, a stark contrast to a few years ago when Singapore was its regional hub.

The MAS plans to reduce taxes levied on fund managers to enhance Singapore's competitiveness as a hub for financial institutions and attract talent, the Financial Times reported earlier.
One measure under consideration is a reduction in the tax rate under a specific incentive scheme, allowing investment institutions to pay 10 percent of Singapore's standard corporate tax rate, rather than the initial 17 percent.

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