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Editor's Note
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Singapore was rainforest, fringed by mangrove swamps, with about 150 people when the British acquired it as a colony in 1819. It soon thrived as a trading city because it lay sheltered from storms, right at the bottleneck where ships passed from the Pacific to the Indian Ocean.
In 1965, when it became independent, Singapore had almost 2 million people, crowded slums, negligible natural resources, and an economy dependent on shipping. But Singapore’s one-party government used this sense of crisis to build a wealthy, modern city by using strict controls. They lowered the birth rate, moved nine of ten Singaporeans into new high-rise condominiums, and developed new banking and manufacturing business while expanding shipping even more. By 2015, Singapore had about 5.6 million people and a high standard of living. Its GDP per capita is ranked 3rd in the world, only behind Qatar and Luxembourg. Singapore has the world's highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth. This excludes property, businesses, and luxury goods, which if included would increase the number of millionaires, especially as property in Singapore is among the world's most expensive.
Fund formation and FinTech: Singapore’s next battles
Singapore’s economy is diversified, with financial services, manufacturing, oil-refining as top contributors. For many years, Singapore was, from a cost and regulatory perspective, the perfect Asian hub for fund startups. However today, the traditional Singapore package of First World operating and living environment at 40% of London costs with a chance to keep a much bigger part of the top-line after tax, is not really the case anymore. Today, all the countries – including Singapore – are subject to the same regulatory and economic pressure, which means that cost of doing business increase and regulatory requirements are high.
This leads to a structural change in the industry as smaller players may obviously not find anymore the benefit of using Singapore for the operations. From a strategic perspective it is clear that the bulk of the global growth will continue to happen in this part of this world, whether it’s from China or Southeast Asia, including India. Larger institutional players will definitely continue considering Singapore as the only and best option in South East Asia.
While in the past, Singapore has strategically supported the fund management and private wealth industries, amongst others, it has now also become very visible which battles the country has chosen next. Singapore has become one of the best places to start a FinTech globally because of the regulatory environment, favorable Government policies and the incentives and infrastructure support available here. The MAS has a dedicated FinTech unit which goes out of its way to woo the regional FinTech companies to start up here and to promote Singapore based FinTech firms. For example, during the Formula One race, the regulator arranged for a roundtable of around 25 CEOs of global banks and presented the top FinTech ideas from Singapore. Another battle is Singapore’s new Variable Capital Companies Law which preps the jurisdiction to compete with Luxembourg, Ireland and offshore jurisdictions such as Cayman Islands.
The Opalesque Singapore Roundtable, sponsored by Eurex and SANNE, took place in November 2016 in Singapore with:
- Noor Quek, NQ International
- Valérie Mantot, SANNE
- Gaurav Bansal, Salmon Global Fund
- Mike Coleman, RMCA
- Peter Fricke, Eurex
- Rajesh Sundaresan, Lighthouse Canton
The group also discussed:
- Why Singapore-based hedge funds have recently outperformed their HK-based peers
- What is the difference between financial hubs and wealth centers?
- How are millennials changing how Asia’s family offices are run?
- What opportunities do fund managers see in ASEAN?
- Why the proximity argument of Shanghai and Hong Kong versus China will be waning over time
- Quality of Life: What happened to Singapore’s trump card relative to Hong Kong?
- When it comes to populism, is Asia on a different trajectory than the rest of the world? What will this mean for investment returns?
- An in-depth update on global commodity trading by Mike Coleman: Why buy-and-hold does not work
- Why gold is a monetary asset, and not a commodity
- Why robo-advisory can be even cheaper than ETFs
- Eurex extends trading hours up to 23 hours. Which alternative assets listed on Eurex returns over 50% p.a.?
- Have we reached the high point of globalization and open markets?
- The world from a Silicon Valley perspective
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15. FERI Hedge Funds Day Bad Homburg Sept. 17
Since 1987, FERI has been synonymous with independent investment expertise and is now one of the leading multi-asset specialists in the German-speaking world. We combine our outstanding expertise in traditional and alternative investments with experience, innovation, and sustainability. More than 280 employees at eight locations in four countries work every day to safeguard and sustainably grow our clients' assets.
Experience a day (on site or join online) in the world of hedge funds! In addition to interesting insights into the strategies of international hedge fund managers, you can look forward to an exciting panel discussion on the topic "Long/Short Equities - Hedge Funds Made in Germany."
More information, registration: events@feri.de
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Legends4Legends Conference — Amsterdam, Oct. 1
Join Theta Capital for the 10th edition of Legends4Legends on October 1 in Amsterdam - an exclusive gathering of around 350 institutional investors, family offices and UHNWIs exploring the institutional adoption of blockchain and digital assets.
This year's theme:
"From Speculation to Institutional Adoption: How Blockchain is Rewiring the Global Financial System"
The conference focuses on where traditional finance and crypto are converging, the major real-world use cases emerging today, and how increasingly important infrastructure for the AI economy is being built on-chain.
Legends4Legends is deliberately different from typical industry conferences: no retail, no sales pitches and no noise. Every attendee, including Theta's own team, is asked to leave the pitch at home, creating an environment where managers and allocators can speak candidly.
The speaker lineup includes:
- Mark Cutis - Managing Director, Office of CEO, Abu Dhabi Investment Council
- Joe Marenda - Head of Hedge Fund Research & Digital Assets, Cambridge Associates
- Chris Perkins - Head of Crypto, Franklin Templeton
- Patrick J. Witt - Executive Director, President's Council of Advisors for Digital Assets at the White House
- Robert Leshner - Founder, Compound & Superstate; GP, Robot Ventures
- Haseeb Qureshi - GP, Dragonfly
- Tarun Chitra - Founder, Gauntlet; GP, Robot Ventures
- Matt Walsh - GP, Castle Island Ventures
- David Pakman - GP, CoinFund
- Min Teo - GP, Ethereal
- Lasse Clausen - GP, 1kx
- Scott Lawin - President, Pantera Capital
- Tyler Spalding - Co-founder, Flexa; Founder, Anvil Protocol
A limited number of invitations are available through Opalesque, particularly for institutional allocators who are curious about blockchain and digital assets but haven't yet found a credible way into the space.
If you are interested in attending, or know an institutional allocator who would benefit from joining, please register here:
https://luma.com/legends4legends?coupon=OP-26
Attendance is limited to 350 allocators and all registrations are subject to approval by Theta Capital.
As always, Legends4Legends supports Alternatives4Children, with every seat filled contributing directly to children's education.
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Family Office Forum ZURICH Nov. 10-11, Dolder Grand
Join Opalesque founder Matthias Knab at the 13th Prestel & Partner Family Office Forum in Zurich along with 100+ Family Offices!
This is YOUR opportunity to:
- Meet private investor peers in person
- Be part of a trusted community in a "safe place"
- Share experiences and views
- Access information across Family Governance & Investment best practice topics.
Investors attend for free, if you are interested in joining, let me know (email knab@opalesque.com and I'll make an introduction to the organizers.
I can also facilitate discounted tickets for investment managers / service providers given my 10+ year relationship with the organizers, please reach out as well.
See here for agenda and more information: https://prestelandpartner.com/familyofficeforumzurich.html
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| AlternativeSoft's Laurent Favre on the Future of Fundraising: AI, Avatars, and a Click to Invest |
“In five years, all will be done with AI.”Raising capital is one of the biggest challenges for hedge fund managers, while discovering and analyzing promising small to mid-sized funds is a time-consuming task for allocators.AlternativeSoft, a platform trusted by 150 institutional clients ...
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Interested in featuring your firm here? Contact us
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| Technical Research Briefing |
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S&P FUTURES (@ES) – Daily
Currently: Long Looking to: Sell @ 4,118.75
As of 3/21/21 @ 7:58pm EST: 3,896
LAST WEEK: We suggested buying dips to 3,875 with stops on a close below 3,840 and with a target for selling longs / getting short at 4,118.75.
UPDATE: S&P futures had a terrible day Thursday and limped into the weekend. Right now, we put possible short-term ceilings at 3,918 or 3,950. If 3,918 holds as short-term resistance, we will look for a dip in the ES futures to 3,818 – 3,820. If 3,950 is tested and holds as resistance instead, we will look for a dip to 3,848 – 3,850 to follow. After this bounce and subsequent dip, we will be buying S&P futures aggressively (unless evidence presents itself that forces us to change our opinion) near one of those support levels.
We would look to buy dips to either 3,849 or 3,818.50 with stops honored on a close below 3,847 and 3,815, respectively. The upside target for either entry will be 4,119. NO SHORTING RIGHT NOW!
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