Singapore Wealth Management Glossary 2026

MAS · Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator. It licenses and supervises all banks, fund managers, financial advisers…

MAS FID · MAS Financial Institutions Directory · FID

The MAS Financial Institutions Directory (FID) is the public register of MAS-licensed and -registered financial institutions in Singapore. Every firm in our directory is sourced…

Capital Markets Services Licence · CMSL · CMS Licence

A Capital Markets Services Licence (CMSL) is the MAS-issued licence required by firms providing regulated capital-markets activities in Singapore — fund management, dealing in s…

Registered Fund Management Company · RFMC

A Registered Fund Management Company (RFMC) is a MAS-registered fund-management framework for managers serving accredited and institutional investors with AUM below S$250 million.

Licensed Financial Adviser · LFA · Licensed FA

A Licensed Financial Adviser (LFA) is a firm authorised by MAS under the Financial Advisers Act (FAA) to provide financial advisory services to clients in Singapore.

Exempt Financial Adviser · EFA · Exempt FA

An Exempt Financial Adviser (EFA) is a firm exempt from holding a full Financial Advisers Licence under specific exemptions in the Financial Advisers Act — most commonly because…

Financial Advisers Act · FAA

The Financial Advisers Act (FAA) is the Singapore statute governing financial advisory activity. It defines what counts as advisory, who must be licensed, and key conduct rules …

FAA Section 23B · Section 23B · s23B

Section 23B of the Singapore Financial Advisers Act restricts remuneration arrangements between financial advisers and product manufacturers or third parties. It is the basis fo…

Securities and Futures Act · SFA

The Securities and Futures Act (SFA) is the Singapore statute governing securities, derivatives, fund management, and capital-markets infrastructure. It is the regulatory founda…

Key Personnel · KP · MAS Key Personnel

Key Personnel are individuals filed with MAS as the directors, principal officers, or other regulatory roles at a MAS-licensed financial institution. Their names and roles appea…

Appointed Representative · Rep · RNF

An Appointed Representative is an individual registered with MAS to provide financial advisory or regulated activity on behalf of a licensed firm. Their registration is searchab…

ACRA · Accounting and Corporate Regulatory Authority

The Accounting and Corporate Regulatory Authority (ACRA) is the Singapore corporate registry. Every Singapore-incorporated entity — including every MAS-licensed firm — has an AC…

UEN · Unique Entity Number

A Unique Entity Number (UEN) is the standard identification number issued by ACRA to every Singapore-registered entity — companies, sole proprietorships, partnerships, statutory…

IRAS · Inland Revenue Authority of Singapore

The Inland Revenue Authority of Singapore (IRAS) administers tax in Singapore — corporate income tax, personal income tax, GST, stamp duty, and property tax. Counterpart to MAS …

SDIC · Singapore Deposit Insurance Corporation

The Singapore Deposit Insurance Corporation (SDIC) operates the deposit-insurance scheme covering Singapore-dollar deposits at MAS-licensed banks and finance companies. Maximum …

Section 13O · Section 13O scheme · Singapore 13O

Section 13O of the Singapore Income Tax Act grants a tax exemption on specified investment income for resident family-office structures meeting AUM, investment-professional, bus…

Section 13U · Section 13U incentive · Singapore 13U

Section 13U of the Singapore Income Tax Act grants a tax exemption on specified investment income for larger resident family-office structures. Formerly known as Section 13X.

Section 13D · Section 13D scheme

Section 13D of the Singapore Income Tax Act grants a tax exemption on specified investment income for non-resident (offshore) fund vehicles managed by a Singapore-based fund man…

Sections 13R and 13X · 13R · 13X

Sections 13R and 13X are the legacy section numbers for what are now called Section 13O and Section 13U. The renumbering took effect with the 2019 Income Tax Act consolidation.

GST · Goods and Services Tax · VAT

GST is Singapore's 9% (as of 2024) consumption tax on most goods and services. Family offices and fund managers need to consider GST treatment of management fees, performance fe…

Stamp Duty · BSD · ABSD

Stamp Duty is a Singapore tax on documents transferring property ownership. For HNW families, the relevant variants are Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (…

Withholding Tax · WHT

Withholding tax is Singapore tax withheld at source on certain payments to non-residents — interest, royalties, management fees, technical service fees. Rates vary by treaty; st…

Double Tax Agreement · DTA · tax treaty

A Double Tax Agreement is a bilateral treaty between Singapore and another country that allocates taxing rights and prevents the same income being taxed twice. Singapore has 90+…

Variable Capital Company · VCC

A Variable Capital Company (VCC) is a Singapore corporate structure introduced in January 2020 specifically for collective investment schemes. It supports both standalone funds …

Single Family Office · SFO

A Single Family Office (SFO) is an entity that exclusively manages the assets, governance, and family-office services of one family. Typical economic threshold US$50M+ AUM.

Multi Family Office · MFO

A Multi Family Office (MFO) is a firm that provides investment management, governance, and family-office services to multiple unrelated families under one MAS-licensed platform.

Family Office · FO

A Family Office is an entity providing investment management, governance, tax structuring, philanthropy administration, and related services to one or more wealthy families. In …

External Asset Manager · EAM

An External Asset Manager (EAM) is a MAS-licensed independent investment manager that advises on and manages client assets held at one or more private-bank custodians.

Trust · private trust · family trust

A trust is a legal arrangement in which assets are transferred to a trustee to hold and manage for the benefit of named beneficiaries, governed by a trust deed. Used in HNW weal…

Trust Company · licensed trustee

A trust company is a MAS-licensed entity authorised to act as trustee, executor, or administrator for private trusts and estate matters in Singapore. Licensed under the Trust Co…

Private Foundation · family foundation · foundation

A private foundation is a corporate-like succession vehicle that separates legal ownership from beneficial enjoyment, used for multi-generational wealth and philanthropy structu…

Limited Partnership (LP) · LP · LPS

A Limited Partnership is a legal structure with one or more General Partners (GPs) running the business and Limited Partners (LPs) providing capital with liability limited to th…

Private Equity (PE) · PE

Private equity is investment in private (non-listed) companies, typically via buyout funds (mature companies) or growth-equity funds (expansion-stage companies). Typical fund-li…

Venture Capital (VC) · VC

Venture capital is equity investment in early-stage private companies, typically Series A through Series C rounds. Higher risk than private equity, with a power-law return profi…

Hedge Fund

A hedge fund is a privately offered investment vehicle with flexible mandate — long/short equity, global macro, relative value, event-driven, multi-strategy. Typical fee 2 manag…

Private Debt · private credit · direct lending

Private debt is non-bank lending to private companies, typically structured as senior secured, unitranche, or mezzanine credit. Returns 6–12% gross. Floating-rate exposure with …

Private Real Estate · real estate funds · real assets

Private real estate is direct or fund-based investment in non-listed real estate — commercial offices, logistics, residential, hospitality. Returns from rental yield + capital a…

Fund of Funds · FoF · multi-manager

A fund of funds invests in multiple underlying funds (typically PE, hedge fund, or VC) rather than direct assets. Provides diversification and access at lower minimum per underl…

Secondaries · PE secondaries · secondary market

Secondaries refers to the trading of existing limited-partnership interests in private-market funds (PE, VC, real estate) before the fund's natural wind-down. Provides liquidity…

Pre-IPO · late-stage growth · pre-IPO secondary

Pre-IPO investments are equity positions in late-stage private companies expected to list publicly within 1–3 years. Accessed via primary growth-equity rounds, secondary sales f…

Lombard Loan · Lombard credit · securities-backed lending

A Lombard loan is securities-backed lending where the bank lends against the value of a client's investment portfolio held at the same bank. Standard private-banking product.

Discretionary Mandate · discretionary management · discretionary portfolio

A discretionary mandate gives the bank or fund manager authority to make investment decisions on behalf of the client within the agreed investment policy, without seeking pre-tr…

Advisory Mandate · advisory portfolio · execution-only

An advisory mandate keeps investment decisions with the client — the bank or adviser recommends but the client approves each trade. Distinct from a discretionary mandate.

Structured Product · structured note · structured deposit

A structured product is a pre-packaged investment that combines a derivative (e.g. equity-linked, FX-linked, rates-linked) with a debt or deposit wrapper, offering a defined pay…

Lombard Loan

See Lombard. Securities-backed lending against a client's investment portfolio held at the same bank.

Fixed Deposit · time deposit · FD

A fixed deposit is a savings instrument with a fixed interest rate and fixed maturity term, typically 1–24 months. Singapore private banks offer multi-currency fixed deposits wi…

Relationship Manager · RM · private banker

A Relationship Manager (RM) is the lead client-facing banker at a private bank or wealth manager who owns the relationship with HNW or UHNW clients.

Chief Investment Officer · CIO

A Chief Investment Officer (CIO) is the senior leader responsible for investment strategy and portfolio decisions at a family office, asset manager, or wealth platform.

General Partner (GP) · GP

A General Partner is the active managing partner in a Limited Partnership structure. The GP runs the fund's investments, charges management and performance fees, and bears unlim…

Principal Officer · PO

A Principal Officer is the MAS-required senior individual at a licensed financial institution who is responsible for ongoing regulatory compliance, fitness-and-propriety of repr…

Assets Under Management · AUM

Assets Under Management (AUM) is the total market value of investments managed by a financial institution on behalf of clients. The standard scale measure in private banking, we…

High Net Worth · HNW · HNWI

High Net Worth (HNW) refers to individuals with substantial investable assets, typically US$1M+. The category is distinguished from Ultra-High Net Worth (UHNW, typically US$25M+…

Ultra-High Net Worth · UHNW · UHNWI

Ultra-High Net Worth (UHNW) refers to individuals with very substantial investable assets, typically US$25M+ in liquid form. The tier above HNW.

Fiduciary Duty · fiduciary · fiduciary standard

A fiduciary duty is the legal and ethical obligation to act in the best interests of a client, above the fiduciary's own interests. In wealth management, fiduciary-tier advisors…

Suitability · know-your-customer · KYC

Suitability is the regulatory standard requiring financial advisers to assess whether a recommended product matches the client's risk tolerance, financial situation, investment …

Discretionary

See Discretionary Mandate. Investment-management authority granted to the bank or advisor to act without pre-trade approval.

Open Architecture

Open Architecture refers to a private-bank or fund-management platform that offers third-party products alongside its own house products. Contrasted with closed-architecture / c…

Booking Centre · booking center

A booking centre is the legal jurisdiction where a private-bank client's account is held and reported for tax and regulatory purposes. Singapore is a major Asian booking centre …

Investment Policy Statement · IPS

An Investment Policy Statement is the formal document agreed between a client (or family office) and an investment manager specifying the asset allocation, benchmarks, currency …

Asset Allocation · strategic asset allocation · SAA

Asset Allocation is the strategic distribution of an investment portfolio across asset classes — equities, fixed income, alternatives, real assets, cash. Considered the single b…

Rebalancing

Rebalancing is the periodic adjustment of a portfolio back to its target asset allocation after market moves have caused drift. Forced discipline that mechanically sells winners…

Retrocession · kickback · trail commission

A retrocession is a payment from a product manufacturer (fund manager, structured-product issuer) to the distributor (private bank, IFA, EAM) for arranging the sale or holding t…

Management Fee · advisory fee · AUM fee

A management fee is the recurring annual fee a private bank, fund manager, or advisor charges as a percentage of client AUM, typically 0.3–1.5% per year depending on tier, manda…

Performance Fee · carried interest · incentive fee

A performance fee is the share of investment profits that a fund manager or alternative-investment vehicle charges above a stated hurdle rate. Common in hedge funds (typically 2…

Transaction Fee · brokerage · trading commission

A transaction fee is a per-trade charge applied by the private bank or broker for executing buy/sell orders. Typically priced as bps of trade value or a flat rate per trade, wit…

Fee-Only · no-retrocession · flat-fee

A fee-only advisor charges clients direct (% of AUM, fixed retainer, or hourly) and does NOT accept commission, retrocession, or trail payments from product manufacturers. Consi…

FATCA · Foreign Account Tax Compliance Act

FATCA is US legislation requiring foreign financial institutions to report financial accounts held by US persons (citizens, green-card holders, US-tax-resident individuals) to t…

CRS · Common Reporting Standard

CRS is the global OECD-led standard for automatic exchange of financial account information between participating tax jurisdictions. Singapore implemented CRS reporting from 201…

AML / CFT · Anti-Money Laundering · Counter-Financing of Terrorism

AML / CFT is the regulatory framework requiring financial institutions to prevent money laundering and terrorism financing through customer due diligence, transaction monitoring…

PDPA · Personal Data Protection Act

The Personal Data Protection Act (PDPA) is Singapore's personal-data legislation. Governs collection, use, disclosure, and care of personal data by organisations including finan…

Accredited Investor · AI

An Accredited Investor under the Securities and Futures Act is an individual with net personal assets > S$2M (with primary residence capped at S$1M contribution) or income > S$3…

Institutional Investor · II

An Institutional Investor under SG securities law is a regulated financial institution, statutory body, or sovereign-related entity. Distinct from Accredited Investor (which cov…

KYC · Know Your Customer

Know Your Customer (KYC) is the regulatory due-diligence process whereby financial institutions verify client identity, source of wealth, source of funds, and beneficial-ownersh…

Source of Wealth · SoW

Source of Wealth is the documented and verified origin of a client's overall wealth — business sale, inheritance, employment income, investment returns. Singapore private banks …

PEP · Politically Exposed Person

A Politically Exposed Person is an individual who holds (or has held) a prominent public function — head of state, senior politician, senior judicial or military official, senio…

Beneficial Owner · UBO · Ultimate Beneficial Owner

A Beneficial Owner is the natural person(s) who ultimately owns or controls a legal entity. In wealth management, identifying the beneficial owners behind trusts, foundations, a…

CPF · Central Provident Fund

The Central Provident Fund (CPF) is Singapore's mandatory social security savings system. Employee and employer contributions accumulate across Ordinary, Special, MediSave, and …

SRS · Supplementary Retirement Scheme

The Supplementary Retirement Scheme (SRS) is a voluntary Singapore tax-deferred retirement savings scheme. Contributions reduce taxable income; withdrawals at the retirement age…

SGX · Singapore Exchange

Singapore Exchange (SGX) is Singapore's primary stock exchange and securities depository operator. Hosts equity listings, REITs, ETFs, structured warrants, and bonds.

CDP · Central Depository

The Central Depository (CDP) is Singapore's securities depository, operated by SGX. Holds all SGX-listed equities, REITs, and ETFs in scripless form on behalf of Singapore inves…

Singapore Savings Bond · SSB

The Singapore Savings Bond (SSB) is a 10-year Singapore government bond product designed for retail investors. Step-up coupon (increasing over the 10 years), full principal-and-…