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
7
SG EAM market estimate (APB)
100+
US$50bn+ AUM combined
Primary licence
CMSL Fund Management
most also hold LFA/EFA
How the EAM custody model works
The client opens an account in their own name at a private-bank custodian — thebooking centre — and signs a Limited Power of Attorney giving the EAM authority to manage and trade the account. Three consequences:
- The assets never touch the EAM's balance sheet. If the EAM fails or is wound up, the client's assets sit untouched at the custodian. The reverse also holds — custody risk is the bank's, advice risk is the EAM's.
- The custodian's private-banking minimum applies. The effective entry ticket for an EAM relationship is usually the custodian bank's threshold, not the EAM's. Compare entry levels across 19 banks on the private-banking minimums table, or answer four questions in the minimum picker.
- Multi-custodian is native. An EAM can run one consolidated mandate across accounts at two or three custodians — common for clients diversifying counterparty risk after the 2023 Credit Suisse takeover.
Fee models — EAM vs private bank
The typical EAM charges a flat 0.5–1.5% of AUM per year as amanagement fee, sometimes with aperformance fee on discretionary mandates. Private banks blend a lower headline advisory fee withtransaction fees, product spreads, and — on some products — retrocessions (trailer fees paid by product manufacturers).
The structural question to ask any EAM: do you retain retrocessions, rebate them, or refuse them?Independent fee-only EAMs answer "rebate or refuse"; bank-affiliated and hybrid models often retain them. For buy-and-hold portfolios a clean flat-fee EAM is frequently cheaper all-in; transaction-heavy or credit-heavy mandates can be cheaper inside a private bank.
MAS licensing for EAMs
MAS has no "EAM licence" — external asset management is regulated as fund management. The typical SG EAM holds a Capital Markets Services Licence for fund management as a Licensed Fund Management Company (LFMC), almost always at the Accredited/Institutional (A/I) tier since EAM clients areaccredited investors.
The lighter Registered Fund Management Company (RFMC)track — previously available below S$250M AUM — was repealed by MAS on 1 August 2024; existing RFMCs transitioned to A/I LFMCs (with the S$250M cap carried over for transitioned firms). Any firm still describing itself as an RFMC is describing a regime that no longer exists.
Many EAMs additionally hold a Financial Adviser licence(or operate as an Exempt FA) to advise on life policies and collective investment schemes. Each firm profile in our directory shows the MAS-published licence type and number.
Source: MAS response to consultation on repeal of the RFMC regulatory regime (2024) —mas.gov.sg.
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 (A/I LFMC) + often LFA/EFA | Banking licence |
How to evaluate an EAM
- MAS licence type and tenure — verify the CMS licence and how long the firm has held it. Tier-A regulator-published fact on every firm profile here.
- Custodian relationships — which private banks the EAM can book at, and whether those banks' minimums fit your AUM (compare minimums).
- AUM and team size — a 2-person EAM managing S$80M is a different proposition from a 25-person firm managing S$2bn.
- Fee structure and retrocession policy — flat fee, all-in, retrocessions rebated or refused is the cleanest model.
- Investment philosophy — discretionary vs advisory mandates, active vs passive, asset-class focus.
- Key personnel backgrounds — most SG EAM founders are ex-private-bank senior RMs; the MAS-published key personnel are listed on each firm profile.
Considering a structure instead of a manager? Families above ~US$20M often weigh an EAM against amulti-family office or a fullfamily-office setup with 13O/13U tax exemption.
Related
External Asset Managers in Singapore — FAQs
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 from MAS — typically as an Accredited/Institutional (A/I) Licensed Fund Management Company (LFMC). The lighter Registered Fund Management Company (RFMC) track was repealed by MAS on 1 August 2024; existing RFMCs transitioned to A/I LFMCs. Many EAMs also hold a Financial Adviser licence (LFA or EFA) to advise on investment products. 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-minimums.
How do EAM fees compare to private-bank fees?
EAMs typically charge a flat 0.5%-1.5% of AUM per year, all-in for advice. Private banks blend a lower headline advisory fee with transaction fees, product spreads, and (on some products) retrocessions — trailer fees from product manufacturers. Independent EAMs that rebate or refuse retrocessions can be cheaper all-in for buy-and-hold portfolios; transaction-heavy mandates may be cheaper at a private bank. Always ask any firm whether it retains retrocessions.
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) and retrocession policy, (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).