Singapore, Tuesday, 15th September 2020 - The Wealth Management Institute (“WMI”), with the support of the Monetary Authority of Singapore (“MAS”), the Investment Management Association of Singapore (“IMAS”), the Singapore Venture Capital & Private Equity Association (“SVCA”) and leading industry firms, will collaborate to develop a strong pipeline of talent for the fast growing asset management industry. Phase 1 of the collaboration will involve the launch of the Asset Management Trainee Programme aimed at providing attractive traineeship opportunities benefitting over 120 trainees in the first year.
WMI will curate a structured training programme to accelerate the training and development of aspiring asset managers to join the industry. Specifically structured to complement learning while on the job, the training programme will be delivered in a work-study format, interspersing classes with on-the-job learning and rotations. It aims to accelerate trainees’ job-readiness by equipping them with foundation skills in asset management, technical skills in areas such as
valuation, portfolio construction fundamentals, alternatives/private markets, to future ready skills such as data skills, fintech, impact investing and ESG.
A total of 27 firms have committed traineeship places so far, including GIC, Allianz Global Investors, Amundi, Natixis Investment Managers, NN Investment Partners, Schroder Investment Management, Brookefield Asset Management, CVC Capital Partners, Hamilton Lane, KKR, TPG, Warburg Pincus, Openspace Ventures and Jungle Ventures, among many others.
The Asset Management Trainee Programme can tap government support schemes including WSG SGUnited Traineeship and Mid-Career Pathways Programmes, which provide up to 80% funding support on the monthly training allowance for Singaporeans and Permanent Residents, as well as the MAS Finance Associate Management Scheme which provides support for Singaporeans.
The programme will be taught by WMI’s pool of faculty consisting of leading industry practitioners and academics. The training programme will be practice-based, highly relevant and equips trainees with strong foundation skills and competencies to secure attractive future careers in the sector. The development of the curriculum and case studies will be guided by Expert Panels from the industry.
Over 100 fund managers including traditional asset managers, hedge funds, private equity and venture capital were licensed or registered by MAS in 2019, bringing the total number of regulated managers operating in Singapore, serving the region, to 895.
WMI CEO, Ms. Foo Mee Har said, “I am excited with the strategic collaboration we have forged with the asset management industry to train a pipeline of local talent to seize the exciting opportunities in this growth sector. We have carefully curated the curriculum content with our industry partners which we believe reflect applicable, current and future skills. Importantly, our trainees will walk away with relevant leading edge industry techniques and best practices. The trainees can look forward to a comprehensive training programme of at least 6 to 8 months, that is fully integrated with on-the-job training with the industry. With this collaboration, we hope to prepare a new generation of professionals to thrive in the future of asset management.”
Ms Jacqueline Loh, Deputy Managing Director (Markets and Development), MAS said, “With the accelerated pace of digitalisation, positive outlook for private markets investing, and emerging trends such as Environmental, Social and Corporate Governance investing, the nature of jobs and skill sets required in asset management is evolving rapidly. WMI’s asset management talent development collaboration, endorsed by IMAS and SVCA, is a significant milestone for the industry, and will support long-term capability building and continued healthy growth of the industry. MAS is supportive of this development as WMI’s efforts dovetail with our initiatives to support local professionals in strengthening their competencies. This ensures that asset managers have ready access to a quality talent pool and strengthens Singapore’s competitiveness as a pan-Asian asset management hub.”
Ms Susan Soh, IMAS Chairman and Schroders Singapore CEO, said: “I am delighted with this new initiative that WMI has developed to further augment the talent development needs of our industry, through the introduction of the Asset Management Trainee Programme. I look forward to our long-term partnership, where asset management professionals will be able to access WMI courses via iLearn, IMAS' online portal that centralises training programmes for the industry. It is through such strategic collaborations where we can further drive the development of our industry, as well as strengthen the base of our talent pool together.”
Dr. Thomas Lanyi, Chairman of the Singapore Private Equity & Venture Capital Association commented, “The objectives of this initiative to establish Singapore as a regional centre of excellence in the fast-growing fields of Venture Capital and Private Equity, and the ambition to contribute to the development of a well-trained pool of VC&PE professionals are much appreciated and supported by the SVCA and its members.”
The Wealth Management Institute (WMI) is Asia’s Centre of Excellence for wealth and asset management education and research. Established in 2003 with the support of Temasek and GIC, WMI is driven by the vision to catalyse Singapore’s growth ambition to become a leading international wealth and asset management centre. We believe that advancing knowledge and capabilities can have a sustainable impact on value creation at an individual, institutional and national level.
WMI is appointed as Singapore’s Lead Training Provider for Private Banking by the Institute of Banking and Finance Singapore (IBF) and supported by the Monetary Authority of Singapore (MAS). Our programmes equip practitioners with leading-edge industry knowledge and advanced technical expertise through our comprehensive suite of practice-based programmes, covering investments, portfolio management, wealth planning, compliance to risk management. We connect rigorous academic theory with current industry best practice to ensure we provide global perspectives with an Asian focus. In 2019, WMI trained a record number of 17,000 finance professionals across 110 leading financial institutions from across 23 countries.