Hedge fund stars spark race to cut taxes in Hong Kong, Singapore

Singapore and Hong Kong's asset management industries each exceed US$5 trillion, according to a report on Wednesday evening. After most of Singapore's workers departed for the evening, a group of prominent financial experts gathered at a Sofitel Hotel ballroom. The event featured Chee Hong Tat, Deputy Chairman of Singapore's Monetary Authority, discussing the potential tax exemptions for hedge fund managers and other asset managers.

Hong Kong has been actively courting top talent in the finance sector, introducing legislation that would eliminate levies on carried interest, potentially resulting in millions of dollars in tax savings for high earners. At a private meeting held in the Wallich Ballroom, Chee elaborated on Singapore's efforts to attract asset management firms, pledging tax exemptions that could surpass those of Hong Kong.

This announcement has ignited a race between the two cities to secure the brightest minds in money management.