The Monetary Authority of Singapore (MAS) and the Institute of Banking & Finance (IBF) will continue to work with financial institutions (FIs) and tripartite partners to develop and grow the local talent pool to meet the financial sector’s needs, including that of Single Family Offices (SFOs), said Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS.
In a written reply to a parliamentary question on the outflow of talent from the financial sector to SFOs, the minister said that data in this regard is not available. But MAS estimates that the number of investment professionals employed at SFOs is about 1% of the total number of individuals employed by FIs in 2022. There is no indication of a sizeable outflow of talent from the financial sector to SFOs or an adverse impact on the financial sector’s hub status. The growth of the SFO industry has also been complementary to Singapore’s value proposition as a global wealth management hub.
MAS has been working actively with the financial industry over the years to build a strong pipeline of professionals who can take on leadership roles as well as specialised jobs in the financial sector.
In the specific area of SFOs, MAS and IBF launched two skills maps in 2021 that set out the competencies that employees of SFOs and external service providers, including private banks, tax advisory firms and legal firms advising the SFOs, should acquire.
MAS and IBF will continue to collaborate with FIs and tripartite partners to develop and expand the local talent pool to suit the needs of the financial sector, especially SFOs, the minister stated.