More fund managers to seek MAS licences

Rules came into effect in Singapore yesterday to tighten the licensing requirements for asset managers, but many exempt firms may still apply for a full licence under the new regime*, say compliance specialists. The chief changes include a base capital requirement of S$250,000 ($201,000), which is “a bit higher than in some jurisdictions, but most fund managers recognise the need for a stronger capital base now", reflects Philippa Allen, chief executive of ComplianceAsia, a consul…