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New City Initiative launches Singapore branch

News Team, 23/10/2019

Boutique asset management think tank New City Initiative (NCI) has launched operations in Singapore to meet demand from asset managers in the region.

NCI Singapore is being formed with 11 founding members and will be chaired by Timothy Hay, the chief executive officer of Somerset Capital Management’s Singapore office. The branch will work with its European counterpart, and the combined NCI membership to boost investment opportunities between both markets. In order to create new opportunities, it will also work with the Monetary Authority of Singapore (MAS) and the Financial Conduct Authority (FCA).

This includes supporting MAS efforts to develop the Variable Capital Company (VCC) fund structure, on which NCI will hold a meeting next month with London members and a delegation from MAS.

NCI was founded in 2010, and its European membership now consists of 46 independent asset management firms from the UK, France, Norway and Switzerland, managing approximately £500 billion of clients’ money.

Commenting on the launch, NCI chairman Jamie Carter said: “We are very proud of what NCI has achieved over the last nine years in promoting the values and interests of boutique asset managers, and we feel the time is now right to expand our geographical presence. Singapore has one of the most thriving asset management communities in the East and we look forward to working with the new NCI team there as we maintain an open dialogue with both the MAS and FCA for the benefit of our expanding membership.”

NCI Singapore’s chairman Tim Hay added: “NCI has established itself as a respected voice in the asset management industry and we look forward to leveraging its experience and learnings for our new NCI Singapore members. Owner-managed, client-centric firms play a key role in preserving the stability and long-term focus of the financial sector and we are pleased to support the important work of independent asset managers in Singapore and the surrounding region.”

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