Opalesque Industry Update - Galena Asset Management (‘Galena’), the asset management arm of Trafigura group, has notified MAS that it intends to operate in Singapore under the exempt regime for fund managers. Galena established a local presence in Singapore in 2009, in the light of the significant and growing importance of Asian markets for commodity assets, having previously covered the Asian time zone and markets from London. This initial presence proved successful and Galena has lodged the necessary notices with the MAS, allowing the firm to develop a presence that includes discretionary investment management in Singapore as an Exempt Fund Manager. Commenting on the news, Gerard Lynch, Galena’s CFO, said: “We recognise the significance of Singapore as financial services, investment and commodities hub and the importance to Galena of having a presence in the Asian markets. Singapore is a business friendly environment, which makes it the natural choice for Galena when establishing and developing its permanent presence in Asia. We found the regulatory framework for hedge fund managers in Singapore to be a proportionate approach. As an exempt fund manager, although Galena is not regulated in Singapore, the current framework set out minimum standards for firms such as ourselves and the proposed changes to the rules clearly set out the regulatory requirements for us as we grow and our business develops.” (press release)
Galena is a subsidiary of privately-owned Trafigura Group, one of the largest independent commodities traders. Established in 1993, Trafigura has 1900 employees worldwide in 44 different countries and generated in 2009 an annual turnover of US$47.3bn (www.trafigura.com).
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Industry Updates
Commodities house Galena Asset Management becomes Exempt Fund Manager in Singapore
Thursday, December 09, 2010
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