In 2020, the global pandemic halted travel and shut borders. But at the same time, two of Asia’s biggest financial centres saw an opportunity to shift the global centre of gravity for hedge funds and the world’s wealthiest families.
Singapore established a fund structure that allows a wide range of potential users to shelter large pools of capital in discreet, lightly taxed wrappers domiciled in a well-regulated financial centre. Hong Kong made enhancements to a similar structure it had established two years earlier.
The vehicles are a direct challenge to existing offshore centres such as the British Virgin Islands, Mauritius and the Cayman Islands and their advocates predict they could herald big changes in the way money is managed.
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