{"text":[[{"start":7.652,"text":"Singapore has unveiled a package of incentives to entice asset managers, as the city-state responds to tax breaks being implemented by regional rival Hong Kong and the sector’s global talent battle."}],[{"start":18.892,"text":"The Monetary Authority of Singapore (MAS) on Wednesday said it planned to remove the tax paid by investment professionals relating to profits from fund management services."}],[{"start":28.71,"text":"The move has the potential to be wider-reaching than the tax cuts on carried interest being brought in by Hong Kong."}],[{"start":35.407,"text":"The Singapore regulator also said it would set up an investment programme to provide hedge fund managers operating in Singapore with capital, while loosening visa requirements for senior fund-management staff."}],[{"start":46.4,"text":"“We do need to take a look at what is happening in the global landscape in reviewing and adjusting our own policies,” said Chee Hong Tat, Singapore’s minister for national development and deputy chair of the MAS."}],[{"start":58.588,"text":"Fund management hubs such as London, New York and Dubai are competing for a global talent base that is increasingly mobile."}],[{"start":66.407,"text":"Hong Kong sparked the latest round of competition with sweeping tax changes to its rules on carried interest that could allow asset managers to earn their performance fees free of any tax. The proposals have been described as being a “big bang” of industry reforms."}],[{"start":80.738,"text":"Carried interest refers to the share of the profit in a private equity fund — often 20 per cent — that goes to the general partner managing the fund after returns exceed a certain hurdle rate."}],[{"start":91.33,"text":"The FT reported last month that Singapore was in discussions with fund management companies about rolling out its own tax reforms for the industry in response to Hong Kong’s moves, as executives warned of a potential exodus of high-paid managers to the Chinese territory."}],[{"start":107.12,"text":"The Alternative Investment Management Association has warned the MAS that several of its hedge fund and private equity members in Singapore were considering moving senior staff to Hong Kong to benefit from incoming tax cuts."}],[{"start":118.528,"text":"The lobby group called on the regulator to make a statement of its intention to encourage fund managers to stay in the city-state with incentives."}],[{"start":125.89,"text":"The MAS did not detail the measures, such as how much it would invest in the hedge funds or what the tax breaks would cost, saying more information about the tax changes would be revealed at next year’s budget."}],[{"start":137.68,"text":"People with knowledge of the measures said the exemptions would potentially be open to a broader swath of investment workers than those being introduced in Hong Kong."}],[{"start":146.96,"text":"Singapore also hopes that its open access to AI models from both China and America will provide an advantage over Hong Kong, where many US models are restricted."}],[{"start":155.047,"text":"Over the past five years, Singapore’s fund industry has grown by an average of 7.5 per cent annually, pushing its assets under management to nearly S$7tn ($5.5tn)."}],[{"start":166.407,"text":"It accounts for 15 per cent of the financial services sector output and 13 per cent of its employment."}],[{"start":173.013,"text":"Chee said the regulator did not view Singapore’s competition with Hong Kong as being “zero sum”, adding that both could grow together."}],[{"start":181.76,"text":"“The measures that we are announcing today reflect our continued commitment to strengthen Singapore’s value proposition and ensure we remain a trusted, vibrant and globally competitive financial hub,” he said."}],[{"start":196.24,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1787130880_3511.mp3"}