Singapore MAS Tharman Shanmugaratnam: 1% of Investment Professionals in Single Family Offices, No Data on Outflow of Professionals from Industry to Family Offices
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
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Singapore MAS Tharman Shanmugaratnam: 1% of Investment Professionals in Single Family Offices, No Data on Outflow of Professionals from Industry to Family Offices
12th January 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply to questions on outflow of financial professionals from financial industry to join Single Family Offices (SFOs).Singapore MAS estimates 1% of investment professionals in Singapore are in Single Family Offices, and there is no data on outflow of professionals leaving the financial industry to join SFOs.MAS Tharman Shanmugaratnam: “Data on the number of individuals who leave financial institutions (FIs) to join Single Family Offices (SFOs) is not available. But MAS estimates that the number of investment professionals employed at SFOs is about 1% of the total number of individuals employed by FIs in 2022. There is no indication of a sizeable outflow of talent from the financial sector to SFOs or adverse impact on the financial sector’s hub status. The growth of the SFO industry has also been complementary to Singapore’s value proposition as a global wealth management hub.”
“ 1% of Investment Professionals in Single Family Offices, No Data on Outflow of Professionals from Industry to Family Offices “
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MAS Tharman Shanmugaratnam on Professionals Leaving Financial Industry to Join Single Family Offices
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam
Reply to Parliamentary Question on outflow of talent from the financial sector to Single Family Offices
Date: For Parliament Sitting on 9 January 2023
Mr Yip Hon Weng, MP, Yio Chu Kang SMC
To ask the Prime Minister with the increase in Singapore-based Single Family Offices (a) how many financial professionals have left financial institutions to join these family offices; (b) what are the common reasons for the job switch; (c) how does the outflow of talent impact our local financial institutions and in turn, our global economy hub status; and (d) whether the Government plans to take measures to encourage the retention of top financial talents or grow the pool of financial professionals in Singapore.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. Data on the number of individuals who leave financial institutions (FIs) to join Single Family Offices (SFOs) is not available. But MAS estimates that the number of investment professionals employed at SFOs is about 1% of the total number of individuals employed by FIs in 2022. There is no indication of a sizeable outflow of talent from the financial sector to SFOs or adverse impact on the financial sector’s hub status. The growth of the SFO industry has also been complementary to Singapore’s value proposition as a global wealth management hub.
2. MAS has been working actively with the financial industry over the years to build a strong pipeline of professionals who can take on leadership roles as well as specialised jobs in the financial sector. The various measures that have been put in place and the outcomes achieved have been elaborated on several occasions in this House.See PQ 3454 , PQ 1570 , PQ 643 , PQ 21 .
3. In the specific area of SFOs, MAS and the Institute of Banking & Finance (IBF) launched two skills maps in 2021 that set out the competencies that employees of SFOs and external service providers, including private banks, tax advisory firms and legal firms advising the SFOs, should acquire. These skills maps are used by training providers such as the Wealth Management Institute (WMI) and the SMU Business Families Institute to develop relevant training programmes, with co-funding of training fees provided by schemes administered by MAS.
4. MAS and IBF will continue to work with FIs and tripartite partners to develop and grow the local talent pool to meet the financial sector’s needs, including that of SFOs.
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