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Singapore's Managed Assets

SINGAPORE has become a powerful magnet for cash from across the world with more than US$600 billion of assets now being managed by financial experts here.

That figure - measured as at the end of 2006 - is up 24 per cent on 2005's pool.

It shows the vast increase in the amount of global money seeking safe investment havens.

Much of the increase last year came from two rich sources - booming South Asian economies and Middle East petro dollars generated by soaring oil prices.

Funds from the Middle East surged 21 per cent last year over 2005 while those from South Asia recorded an even more spectacular rise of 36 per cent.

'Fund managers continue to use Singapore as their regional headquarters because they see [it] as a prime location to service clients, raise capital from the region, as well as invest into the region and beyond,' Mr Goh said.