The Wealth Management Institute (WMI) will collaborate with 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, to develop a pipeline of talent for the asset management industry.

The industry is a fast-growing segment within the financial sector, with over 100 fund managers licensed or registered by MAS in 2019 alone.

Phase 1 of the collaboration, which will involve the launch of the Asset Management Trainee Programme, will provide attractive traineeship opportunities for 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.

The training, which is structured to complement learning while on the job, aims to accelerate trainees’ job-readiness by equipping them with foundation skills in asset management.

The training also includes technical skills in areas such as valuation, portfolio construction fundamentals, alternatives or private markets, as well as future ready skills such as data skills, fintech, and impact investing.

The training programme, which will be taught by WMI’s faculty, will be practice-based for trainees to secure attractive future careers in the sector.

A total of 27 firms, including GIC, Allianz Global Investors, and Natixis Investment Managers, have committed traineeship places so far.

The programme can tap on government support schemes such as WSG SGUnited Traineeship, Mid-Career Pathways Programmes, and the MAS Finance Associate Management Scheme, which provide up to 80% in funding support for citizens and permanent residents.

“We have carefully curated the curriculum content with our industry partners which we believe reflect applicable, current and future skills… The trainees can look forward to a comprehensive training programme of at least six to eight months, that is fully integrated with on-the-job training with the industry,” says WMI CEO Foo Mee Har.

“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,” says Jacqueline Loh, deputy managing director for markets and development at MAS.

“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,” Loh adds.

Susan Soh, IMAS Chairman and Schroders Singapore CEO, says: “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”.

Thomas Lanyi, Chairman of the Singapore Private Equity & Venture Capital Association adds, “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.”