A senior executive at one of Singapore’s largest hedge funds described it as one “big zero.” Another money manager — among the more than 10 interviewed — said none of the handful of inquiries has resulted in fresh funds to manage. They declined to be identified discussing private matters.
When ultra-wealthy Chinese entrepreneurs started moving to Singapore en masse in 2019, investment firms were salivating at the chance to manage billions in new money. So far, it hasn’t quite happened.
Hedge funds, banks and private equity firms say few of their recent meetings with Chinese tycoons in the city-state have brought in business beyond basic custodian deals, even as the new arrivals spend lavishly on mansions, luxury cars and golf club memberships.
