MAS lauds local managers despite their dip in AUM

The Monetary Authority of Singapore has given locally domiciled asset managers a pat on the back, describing their 1.2% year-on-year dip in overall AUM for 2011 as “not bad” considering market volatility. However, in releasing its annual report for the year to end-March 2012, MAS revealed that while it had made foreign investment gains of S$12.1 billion ($9.6 billion) for the 12 months, its profit stood at just S$2.8 billion because of the strength of the Singapore dollar. The d…