Generally, a company would need to be licensed for fund management by the MAS if it intends to manage assets belonging to external investors. Fund management is a regulated activity under the Securities and Futures Act 2001  ("SFA"). A company which carries on business in fund management is required to hold a capital markets services (“CMS”) licence for fund management, unless otherwise exempted.
 
Fund management companies are expected to engage in substantive fund management activities, such as portfolio management, investment research or sub-advisory in Singapore. They should not purely engage in marketing of funds and/or client servicing. The definition of fund management can be found in the Second Schedule to the SFA and the exemptions from the requirements to hold a CMS licence are provided in section 99 of the SFA and paragraph 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations .

Learn more about

• Application process, timeline and fees for fund management licensing
• Admission criteria and applicable requirements for fund management companies in the Guidelines on Licensing and Conduct of Business for Fund Management Companies and FAQs on Licensing of Fund Management Companies