A significant driver of the assets under management (AUM) here in Singapore in the past year or so can be attributed to a new structure: Variable Capital Companies (VCCs).

The VCC Act was implemented only last January but as of 1Q2021, some 250 VCCs have already been incorporated here. Despite the pandemic, some 300 VCCs could be set up by 3Q2021.

During an RHT Law webinar briefing back in July, Yang Eu Jin, partner at RHT Law, said during a “stocktake” in 3Q2020, some 100 VCCs had been established here. By 1Q2021, that number had more than doubled to 250. And by the end of 3Q2021, he assumes there could be as many as 300 VCC.

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