In Singapore, 16-year-olds are training to manage billion-dollar investment portfolios
Over the years, Singapore has emerged equally a magnet for the ultra-rich. As more than billionaires flock to the metropolis-land, hedge funds are similarly doing the aforementioned.
But with a lack of local expertise in asset management, hedge funds are employing an unlikely strategy to grow the talent pool – training sixteen-year-old teenagers, Bloomberg reported.
Secondary school student Yi Ke Cao from Raffles Girls Schoolhouse, whom Bloomberg profiled, spent two weeks at Singaporean hedge fund Modular Asset Management, where she constitute herself inputting information into spreadsheets and attending meetings with veteran wealth managers.
"I was a bit terrified, I didn't know how to react to them speaking to me and I didn't know how to concur a chat just they were welcoming," Cao, who is at present 17, said of her experience.
Last year, Singapore'southward number of ultra-loftier-net-worth individuals (UHNWI) continued growing strongly in the 2022 to 2022 period, despite the pandemic. Co-ordinate to The Wealth Report 2022 by Knight Frank, the number of UHNWI in the city-state rose 10.2 per cent to 3,732 in 2020.
The country continues to attract new wealthy individuals due to its stability, amid geopolitical tensions in other parts of the region and the world, Leonard Tay, Knight Frank Singapore'south head of inquiry said.
Money managers, including hedge funds and family offices, are therefore flocking to Singapore to gear up shop here.
The 9th richest person in the globe, Sergey Brin, with an estimated net worth of US$88.i billion (S$118.2 billion), is the latest in a growing band of high-profile billionaires to accept opened a family office in Singapore.
In addition, billionaire hedge-fund manager Ray Dalio and bagless vacuum inventor James Dyson, accept both gear up offices here.
Thus, firms are now addressing Singapore'southward talent shortage in-house by either converting interns or retraining executives. Quantedge Capital CEO Suhaimi Zainul-Abidin, whose firm manages US$2.5 billion, told Bloomberg that most of its new hires will likely come up directly from internships.
Meanwhile, Jimmy Lim, founder of Modular, is looking to draw from the best of local and expat talent through a portfolio manager conversion plan.
The programme stretches over 12 to 24 months, and experienced professionals are taught in Singapore how to use the house'due south proprietary risk management tools and manage leverage.
"By the end of eighteen months yous kind of know if this person will be successful or not in this job and if they are, their avails under management will increase," Lim told Bloomberg. "If they're not, then they typically leave."
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Source: https://cnalifestyle.channelnewsasia.com/obsessions/teenagers-hedge-fund-internships-billionaires-singapore-179941
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