Please notify MAS, by writing to (i) FO_13OU@mas.gov.sg  (for SFO funds), or (ii) 13O_FundRF@mas.gov.sg or 13U_FundET@mas.gov.sg (for non-SFO funds), on your intention to replace the fund manager.

Where an S13O/OA/U fund intends to change its fund manager from a non-SFO to an SFO, the fund will be required to submit a fresh application to MAS for an S13O/OA/U award applicable to SFO funds (“SFO application”). Concurrently, to facilitate the termination of its existing S13O/OA/U award under the scheme for non-SFO funds, the fund must submit the Annual Declaration for the relevant basis period up to the last day of the existing award (i.e. the day immediately preceding the submission of the SFO application). Should the SFO application be approved, the commencement date of the new award will be the date the application is submitted, to avoid any disruption in the tax incentive coverage period. 

The same approach applies where an existing S13O/OA/U fund changes its fund manager from an SFO to a non-SFO. 

Please note that the conditions (e.g. minimum annual spending condition) applicable to an S13O/OA/U fund managed by a non-SFO differ from those applicable to an S13O/OA/U fund managed by an SFO.