Funds managed from Singapore grew 24% to $600bn (€441bn) last year as its reputation as a hedge fund centre for Asia develops. However its growth rate continues to lag that of rival Hong Kong, which has among the largest pools of assets in the region.

Goh Chok Tong, senior minister and chairman of the Monetary Authority of Singapore told a conference this week that fund managers see Singapore as a good location to service clients, raise capital from the region and invest in Asia.