Tighter regulations for smaller fund management companies have not stopped the growth of such players in Singapore, the Straits Times reported.
Higher standards in auditing and stricter capital requirements have, however, meant that "less serious" fund management service providers have dropped out of the industry altogether.
The latest figures provided by the financial regulator, the Monetary Authority of Singapore, showed that the number of Registered Fund Management Companies (RFMCs) stood at 260 as of last Thursday.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Anshuman Daga; Editing by Subhranshu Sahu)