The Bank of Singapore and global fintech company iCapital have partnered to introduce FIM Alternatives Select, a digital platform for alternative investments that is intended for the Bank’s financial intermediary partners, also referred to as independent asset managers.
The effort supports Bank of Singapore’s goal of increasing the amount of assets under managed for financial intermediaries, family offices, and wealth advisory (FFWA) by 50% between 2024 and 2026.
Through its technological platform, iCapital, a prominent fintech company, links wealth managers, their advisers, and clients with hedge funds, private equity firms, and other alternative asset managers; as of September 2024, the total assets invested through iCapital’s platform exceeded $200bn.
Access to more than 1,600 funds from more than 600 asset managers is made possible via the platform. iCapital’s platforms are used by top international alternatives managers to disperse their funds.
In Asia, asset managers and investment solution platforms such as iCapital provide alternative investment options to financial intermediaries and ultra-high and high net worth people through private banks. This allows them to profit from economies of scale in terms of both reach and efficiency. Additionally, private banks typically foster between two and six alternative funds every year.
Bank of Singapore is offering FIM Alternatives Select, a platform for financial intermediaries, with nearly 30 funds from asset managers like KKR, The Caryle Group, and Apollo, allowing clients and financial intermediary partners to express diverse investment views.
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FIM Alternatives Select will provide financial intermediary partners with iCapital’s due diligence reports and tools for evaluating and accessing a variety of alternative investment opportunities, allowing them to make holistic recommendations and build diverse portfolios, as well as post-investment tools.
Investors are increasingly interested in alternative investments as a way to diversify their portfolios, reduce risk, and provide more consistent income and returns. According to Preqin, a private capital database provider, the global alternatives market is on track to surpass $30trn in assets under management by 2030, up from US$16.8 trillion at the end of 2023.
In particular, Bank of Singapore has witnessed a high momentum in alternative investments; as of September 2024, the financial intermediary segment had a nearly 30% year-on-year rise in invested assets.
The financial intermediary category is one of Bank of Singapore’s fastest growing businesses. Between 2019 and 2023, assets under management for the Bank’s financial intermediary clients increased at a compounded annual growth rate of almost 20%.
FIM Alternatives Select is the most recent in a string of coordinated attempts to improve the Bank’s value proposition to this client category.
Ms Vivienne Chia, Global Head, Investment Solutions Group, Bank of Singapore (谢慧彬投资方案部环球总监新加坡银行) stated: “Geopolitical tensions are expected to continue and create more volatile market conditions. Investors need to be nimble in accessing the whole spectrum of solutions available, including alternative investments which can potentially diversify investment risks. With FIM Alternatives Select, we are making it easier for financial intermediaries to augment the strength of their client portfolios with alternative investment opportunities and achieve their wealth objectives.”
Marco Bizzozero, head of International, iCapital, added: “We are delighted to extend our collaboration with Bank of Singapore and support the adoption of alternative investments for their financial intermediaries’ clients with our innovative operating system and solutions. This underscores the growing importance of alternative investments for wealth managers as they increasingly make alternatives a key component of a diversified client portfolio, enhancing financial outcomes for their clients.”
Kenny Ho, Managing Partner and founder of Carret Private Capital (家瑞创始人兼管理合伙人何祖光) shared: “Bank of Singapore is clearly setting itself apart from its competitors by developing a focused and differentiated strategy just for independent asset managers like us. With FIM Alternatives Select, I now have easy access to a pipeline of global managers, investment opportunities and due diligence insights to better address the diverse investment views and requirements of my clients.”
