SINGAPORE asset managers handled a record high assets worth $1.2
trillion at the end of 2009, surpassing even the pre-crisis peak of
2007.
In 2008, they managed $864 billion of assets, said Mr Ong Chong
Tee, Deputy Managing Director of the Monetary Authority of
Singapore on Friday.
Speaking at the OCBC Global Treasury economic and business
forum, he said the Asia Pacific region continued to be the key
investment markets for Singapore-based asset managers, accounting
for 61 per cent of the total assets under management (AUM) in
2009.
This represented an increase of 9 percentage points from the
2008 MAS survey, underscoring the growing interest in Asia
markets.
Mr Ong said the rise in assets was consistent with the recovery
of market sentiments from the latter half of last year.
'Asia's economic resilience through this recent crisis period
stood in stark contrast to the more developed economies,' he noted.
'This was the first time that Asia has led a global recovery. In Q2
2009, most Asian economies exited the recession when US and Europe
were still in contraction. In fact, the large economies in Asia
such as China, India and Indonesia, continued to expand throughout
the crisis. '
As at the first quarter of this year, the region's combined GDP
had risen more than 11 per cent above its previous peak, while that
of G3 economies remained 2 per cent below their pre-crisis
level.
Going forward, Mr Ong said Asia is expected to continue to
outperform the global economy. The IMF now expects Asia to grow by
7.5 per cent in 2010, with China potentially growing by some 10.5
per cent. By comparison, the world economy is expected to rise by
4.6 per cent.
Ironically, Asia's current resilience is partly the result of
the Asian financial crisis more than ten years ago, which had paved
the way for the strengthening of regional balance sheets that
allowed Asia to weather the global financial crisis much better,
said Mr Ong.
-- ST