In Singapore, there may be an uptick in outbound M&A due to the introduction of the Variable Capital Companies Act (VCC) in Jan 2020. Fuelled by the MAS grant scheme, which subsidises the costs of establishment or re-domiciliation of funds, fund managers in Singapore are strongly incentivised to co-locate their funds in Singapore. The increase in activity in the funds’ space may well lead to an update in M&A activity in Singapore.
