What is an External Asset Manager (EAM) in Singapore?

An External Asset Manager (EAM, sometimes called an Independent Asset Manager or IAM) is a boutique wealth advisory firm that manages client assets held at custodian banks (UBS, DBS, Bank of Singapore, Julius Baer, etc.). The EAM has discretionary trading authority via a Limited Power of Attorney (LPOA) but the assets remain on the custodian bank's balance sheet. This separates investment advice from custody — a structural protection for HNW clients.

How is an EAM different from a private bank?

A private bank both custodies and advises on client assets — single counterparty risk. An EAM only advises; assets sit at an independent custodian bank. EAMs are typically smaller, more bespoke, and may select among multiple custodians per client. Fees are typically a flat % of AUM rather than transaction-driven.

What licence does an EAM need in Singapore?

Most EAMs in Singapore hold a Capital Markets Services Licence (CMSL) for Fund Management, regulated by the Monetary Authority of Singapore. Many also hold a Financial Adviser licence (LFA or EFA) to advise on investment products like life policies and unit trusts. See each firm's profile for the exact MAS-published licence number.

How many EAMs are there in Singapore?

WealthManagement.sg's directory identifies 7 firms naming themselves as wealth advisors / advisories under MAS licence. The actual EAM population is larger — many EAMs use broader wealth-management or capital-management branding. Asian Private Banker estimates the SG EAM market exceeds 100 firms managing US$50bn+ in assets.

What custodian banks do Singapore EAMs use?

Common custodians for SG EAMs include UBS, Credit Suisse (now part of UBS), DBS, Bank of Singapore (OCBC), Julius Baer, Pictet, LGT, Lombard Odier, J. Safra Sarasin, and EFG. The choice depends on minimum-account thresholds, fees, asset-class coverage, and the EAM's existing relationships.

What is the minimum to engage an EAM in Singapore?

Minimums vary widely. Boutique EAMs often start at S$1-3M; established EAMs typically require S$5M-10M+. The minimum is usually driven by the custodian bank's private-banking threshold, not the EAM itself. Compare custodian minimums on /private-banking-singapore.

How do I choose an EAM in Singapore?

Compare on (1) MAS licence type and tenure, (2) custodian bank relationships (which banks they can custody at), (3) AUM and team size, (4) fee structure (% of AUM, typically 0.5%-1.5%/yr), (5) investment philosophy (active vs passive, asset class focus), (6) key personnel backgrounds. Every firm in WealthManagement.sg directory shows MAS-published facts for items (1) and (2).

External Asset Managers in Singapore

An External Asset Manager (EAM) — sometimes called an Independent Asset Manager or IAM — is a boutique wealth-advisory firm that manages client assets held at a custodian bank. The EAM has discretionary trading authority via a Limited Power of Attorney (LPOA); the assets remain on the custodian's balance sheet. This separates investment advice from custody — a structural protection for high-net-worth clients.

Asian Private Banker estimates the SG EAM market exceeds 100 firms with US$50bn+ in assets. The 7 firms below are MAS-licensed entities in our directory whose names describe wealth-advisory activity. See all 1,915 firms for the broader wealth-management universe.

EAMs in directory

SG EAM market estimate (APB)

100+

US$50bn+ AUM combined

Primary licence

CMSL Fund Management

most also hold LFA/EFA

EAM directory

MAS-licensed firms in Singapore whose names indicate wealth-advisory activity. Ranked alphabetically.

EAM vs private bank — how to choose

Dimension	External Asset Manager (EAM)	Private Bank
Custody of assets	Independent custodian bank	Same entity as advisor
Counterparty risk	Split: advice vs custody	Concentrated
Typical AUM per client	S$1M – S$50M	S$1M – S$100M+
Fee model	Flat % AUM (typ. 0.5–1.5%)	Mix of % AUM + transaction
Multi-custodian	Yes — can select per client	No — single bank
MAS licence	CMSL Fund Management + often LFA/EFA	Banking licence

External Asset Managers in Singapore

EAM directory

APEIRON WEALTH ADVISORY PTE. LTD.

Astrid First Wealth Advisory Pte. Ltd.

CROWNSTREAMS GLOBAL WEALTH ADVISORY PTE. LTD.

NAMARA WEALTH ADVISORS PTE. LTD.

ORIENT WEALTH ADVISORS PTE LTD

PROVIDENTIA WEALTH ADVISORY LTD.

TAURUS WEALTH ADVISORS PTE. LTD.

EAM vs private bank — how to choose

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