Bank of Singapore unveils alternative investment digital platform for independete asset managers

Close to 30 funds will be made available in FIM Alternatives Select.

The Bank of Singapore (BOS) and fintech iCapital have launched FIM Alternatives Select, an alternative investment digital platform for BOS’ intermediary partners known as independent asset managers.

Close to 30 funds will be made available from asset managers such as KKR, The Caryle Group, and Apollo through the platform, the BOS said in a press release.

More funds to be added going forward. These funds span across a broad spectrum of investment strategies, structures, sectors and geographies.

FIM Alternatives Select will also offer due diligence reports and tools, provided by iCapital, to evaluate and access a carefully curated range of alternative investment opportunities via the digital platform.

The platform provides access to post-investment tools such as fund reports and performance updates for financial intermediaries to monitor their positions.

This platform is part of BOS’ plan to grow its financial intermediaries, family office, and wealth advisory (FFWA) assets under management by 50% between 2024 to 2026.

BOS noted “strong momentum” in alternative investments— as of September 2024, the financial intermediary segment recorded a close to 30% year-on-year growth in invested assets, it said.

Investors look to diversify their portfolios, mitigate risk and deliver more consistent income and returns, BOS said.

The global alternatives industry is poised to exceed US$30t in assets under management by 2030, up from US$16.8t at the end of 2023, according to private capital database provider Preqin.

iCapital is a fintech firm that connects wealth managers and their advisors and clients to hedge funds, private equity firms and other alternative asset managers via its platform. As of September 2024, assets invested through iCapital’s platform have surpassed $200b.

iCapital’s platform provides access to over 1,600 funds from over 600 asset managers.

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