Investment activities in Singapore amounted to US$443.1 million ($600.8 million) in the first nine months of the year, down 39.9% from the same period a year ago.

The slowdown follows the uncertainties from the Covid-19 health-turned-economic crisis, Financial market data provider Refinitiv reveals in its preliminary report on Singapore’s investment banking sector.

Of the funds, US$84.7 million was from advisory fees for completed mergers and acquisitions (M&As). This is 27.8% contraction from 2019 which saw strong M&A activity, particularly in the first nine months. 

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