Singapore VCC insights

Singapore Asset Management Survey 2025: What the MAS Figures Show, and What They Miss

By VCC Editorial Team · Published 12 October 2026

Short answer: The Monetary Authority of Singapore (MAS) Singapore Asset Management Survey 2025 puts assets under management at S$6.7 trillion at 31 December 2025, up 10%, with net inflows up 29%. 76% of AUM came from outside Singapore and 88% is invested globally. The survey counts 1,320 licensed fund managers and 1,406 VCCs, but it does not measure single family office assets.

This article is general information only and is not legal, tax or investment advice. For matters needing legal advice, we work with a panel of experienced Singapore law firms.

The Singapore Asset Management Survey 2025 is the main official dataset on the size and shape of Singapore’s fund management industry. Families and managers deciding where to base capital often quote it. This article sets out what the survey reports, with page references, and what those figures mean for family offices, wealth managers and fund sponsors. It also covers what the survey does not measure. All figures come from MAS publications, and the sources were checked on 12 October 2026. Page numbers are those printed in the 2025 report.

What is the Singapore Asset Management Survey and what does the 2025 edition cover?

It is MAS’s annual survey of asset management activity carried on from Singapore. The 2025 edition reports positions as at 31 December 2025, and 1,346 respondents took part (p.5). MAS publishes it on its Singapore Asset Management Survey page, alongside earlier editions.

The survey covers assets managed or advised from Singapore by regulated fund management companies and other respondents. That includes money sourced from investors anywhere in the world. Neither the report nor the MAS listing page we checked shows a publication date, so we do not state one. The report converts its headline figures to US dollars at a USD/SGD rate of 1.2841 as at 31 December 2025.

Two features shape how the numbers should be read. First, AUM is a stock figure at year-end. It moves with market prices as well as with new money, which is why MAS separates growth from net inflows. Second, the survey measures the industry from the manager’s side. It tells you where money is managed. It does not tell you where the owners of that money live, or which legal vehicles hold it.

What are the headline figures in the Singapore Asset Management Survey 2025?

AUM rose 10% to S$6.7 trillion, net inflows rose 29%, and the industry stayed overwhelmingly international in both sourcing and investment. The table below compares the 2025 figures with the 2024 survey where MAS gives a comparable number.

Metric	2025 survey (at 31 December 2025)	2024 survey (at 31 December 2024)	2025 report reference
Total AUM	S$6.7 trillion (US$5.2 trillion)	S$6.07 trillion	p.2
AUM growth	10%	12%	p.2
Net inflows	Up 29% year on year	Described as larger than 2023	p.3
AUM sourced from outside Singapore	76%	77%	p.2
AUM invested globally	88%	88%	p.2
Licensed fund management companies	1,320 (net increase of 22)	Not restated; 1,298 implied by the net increase	p.4
VCCs incorporated or re-domiciled	1,406	1,200	p.4
VCC sub-funds	3,443	2,695	p.4
Managers using VCCs	Over 50% of regulated fund management companies	628 regulated fund management companies	p.4
Alternatives AUM growth	0.4% (9% excluding a downsizing)	14%	p.3

Read the growth figure with the inflow figure. MAS says the 10% rise came “on the back of robust market performance and net inflows” (p.2). Net inflows rising 29% matters more to anyone choosing a hub, because it measures new money arriving rather than price gains on money already there. The 2024 figure for licensed managers is our arithmetic from the net increase, not a number MAS restates in the 2025 report.

What does the survey say about alternatives and private markets?

Alternatives barely grew on the headline measure: 0.4% in 2025, led by hedge funds and real estate investment trusts (REITs) (p.3). Excluding a downsizing, MAS puts alternatives growth at 9%, and private equity and venture capital growth at 18%.

That is a sharp slowdown from the 14% alternatives growth reported for 2024. MAS presents the adjusted figures to show that the weak headline reflects a downsizing rather than a broad retreat from private markets. For a sponsor raising a private equity or private credit fund, the adjusted numbers are the better guide to sector activity. The headline number is still the one that appears in official totals.

We have not quoted Singapore dollar amounts for individual alternative asset classes. The 2025 report shows these in charts, and we could not read the chart values reliably enough to cite them. The report does not give a separate 2025 private credit AUM figure that we could verify. If you need a figure for a specific strategy, take it from the chart in the report itself and cite the page.

How many VCCs are there in Singapore according to MAS?

MAS reports that 1,406 VCCs had been incorporated or re-domiciled in Singapore as at 31 December 2025, representing 3,443 sub-funds. These umbrella or standalone VCCs were managed by over 50% of regulated fund management companies in Singapore (p.4).

Against the 2024 survey’s 1,200 VCCs and 2,695 sub-funds, that is growth of about 17% in VCCs and about 28% in sub-funds over the year (our calculation). Sub-funds grew faster than VCCs, so the average number of sub-funds per VCC rose from about 2.2 to about 2.4. That fits with sponsors adding sub-funds to existing umbrella VCCs instead of incorporating a new vehicle for each strategy or family branch. The trade-offs are covered in our guide to standalone versus umbrella VCCs.

The survey does not split VCCs by user type. It does not say how many VCCs are used by family offices, by third-party fund managers, or for real-asset or digital-asset strategies. It also does not report the AUM held in VCCs. Anyone quoting a family office share of VCC usage is not quoting this survey.

What does the survey not show about single family offices?

The survey does not report the number of SFOs or the assets they hold. MAS publishes SFO counts separately, in parliamentary replies. Those replies count only SFOs whose funds receive tax incentives, not every SFO in Singapore.

In a written reply to a parliamentary question for the sitting of 5 August 2026, MAS said that more than 2,000 SFOs were receiving tax incentives under sections 13O and 13U of the Income Tax Act 1947 as at end December 2025. It said these SFOs manage money for families predominantly from Asia Pacific, followed by Europe and the Americas. The same reply gives 2025 AUM growth for the industry as 10.1%, a more precise version of the survey’s 10%.

Three gaps follow for anyone trying to size the family office sector:

• SFOs without a 13O or 13U award are not in the incentive count.
• Neither publication gives aggregate SFO AUM. Some family money is managed by licensed managers or booked with private banks, and may sit inside survey AUM, but the report does not isolate it. MAS’s 2025 private banking survey form asks banks for AUM by client type, including SFOs, multi-family offices and external asset managers. The report does not publish a family office line from that data.
• The two datasets measure different things, so adding an SFO figure to the S$6.7 trillion risks double counting.

This may change. Under MAS’s revised SFO framework, in force from 15 June 2026, a qualifying SFO relies on a class exemption from licensing under the Securities and Futures Act 2001. It must notify MAS within 14 days of starting business and keep an account with an MAS-licensed bank. It must also file a simple annual return stating its total AUM and the name of its bank. Existing SFOs have until 15 June 2027 to comply and notify. Once that is done, MAS will hold notification and AUM data for all qualifying SFOs, not just incentive holders. MAS has not said whether it will publish aggregates. The transition is covered in our note on the 15 June 2027 SFO deadline.

What do the figures mean for a family choosing Singapore?

Above all, the figures show depth. More than three-quarters of the money managed in Singapore comes from abroad, and 1,320 licensed managers compete for mandates. A family can build an SFO with real choice of external managers, co-investment partners and service providers.

Three points matter in practice. First, the 76% overseas sourcing figure shows that foreign capital is the norm, not the exception, so onboarding processes at banks and administrators are built for it. Second, 88% of AUM is invested globally, so a Singapore base does not tie a portfolio to Singapore assets. The local investment conditions that do apply come from the 13O and 13U tax schemes, not from where the office is based. These are explained in our article on family office minimum AUM. Third, the VCC figures show that the vehicle is now standard across the industry, which helps when appointing administrators, custodians and auditors.

Survey size is not a reason on its own to choose a hub. Families weighing Singapore against other centres should compare licensing, tax and residency rules directly. Our 2026 comparisons of Singapore and Hong Kong and of Singapore and Dubai do that from each jurisdiction’s official sources.

What do the figures mean for fund managers?

For managers, the survey points to a large and still-growing market with heavy competition. Net inflows rose 29%, and new mandates were won and managed from Singapore, but 1,320 licensed firms are now chasing them.

The net increase of 22 licensed managers is modest against that base, which suggests a steady pace of new entry. Over half of regulated managers already use VCCs, so a manager without a Singapore fund vehicle may be at a disadvantage when allocators expect local domiciliation alongside local management. Alternatives growth of 0.4% headline, and 9% adjusted, suggests a harder fundraising year for some private market strategies than 2024. A family office that starts managing outside money moves into licensing territory, discussed in our note on multi-family office requirements.

How should you use the survey figures in a board paper or investment memo?

Quote the figure with its as-at date, page reference and definition, and do not mix it with figures from other sources. A short checklist:

1. State the as-at date: 31 December 2025 for the 2025 survey. It is not a current-year figure.
2. Cite the page of the MAS report, for example “Singapore Asset Management Survey 2025, p.2”.
3. Use the Singapore dollar figure as primary. If you need US dollars, use MAS’s conversion (US$5.2 trillion at 1.2841) and do not reconvert at a later rate.
4. Separate market growth from net inflows when describing momentum.
5. Keep SFO counts from parliamentary replies distinct from survey AUM, and describe them as incentive-holding SFOs.
6. Where MAS shows a figure only in a chart, check the chart value in the PDF before quoting it.

Frequently asked questions

What is Singapore’s total AUM according to the 2025 survey?

S$6.7 trillion (US$5.2 trillion) as at 31 December 2025, up 10% from S$6.07 trillion at the end of 2024. MAS’s parliamentary reply gives the growth rate more precisely as 10.1%.

Does the Singapore Asset Management Survey 2025 include family office assets?

It does not report SFO assets or SFO numbers. Some family money managed by licensed managers or booked with private banks may sit inside survey AUM, but the report does not isolate it. MAS counts incentive-holding SFOs separately in parliamentary replies.

How many licensed fund managers are there in Singapore?

The survey reports 1,320 licensed fund management companies, after a net increase of 22 new fund management companies.

How many VCCs and sub-funds does MAS report?

1,406 VCCs with 3,443 sub-funds as at 31 December 2025, managed by over 50% of regulated fund management companies, against 1,200 VCCs and 2,695 sub-funds a year earlier.

Will MAS publish data on SFOs under the new notification regime?

MAS has not said. From 15 June 2026, qualifying SFOs must notify MAS and file an annual return stating total AUM. Existing SFOs have until 15 June 2027. That gives MAS the data, but no publication commitment has been announced.

Sources

• MAS, Singapore Asset Management Survey 2025 (report PDF)
• MAS, Singapore Asset Management Survey publications page
• MAS, Written reply to Parliamentary Question on the number of Single Family Offices (2026)
• MAS, Revised Framework for Single Family Offices to take effect on 15 June 2026

Raffles Corporate Services helps family offices and fund managers turn Singapore’s market depth into a working structure, from VCC incorporation and family office set-up to ongoing compliance. Email hello@rafflescorporateservices.com or Call/SMS/WhatsApp +65 8501 7133, or visit Raffles Corporate Services.

Last reviewed: 12 October 2026. The Editorial Team, Variable Capital Companies Act.