The asset management industry should embrace a stabilizing role that combines caution with conviction in the increasingly volatile global economic environment, says Chia Der Jiun, managing director of the Monetary Authority of Singapore ( MAS ), speaking during his keynote address that opened the 28th Investment Management Association of Singapore ( IMAS ) annual investment conference 2025.

Chia, framing his remarks under the rubric of Charting A Steady Course in a Changing World, outlines three critical areas where the city-state’s asset management sector must lead:

• strengthening market resilience
• providing investment products that support long-term diversification and retirement needs
• promoting financial literacy among retail investors.

Amid shifting geopolitics and market shocks, including recent volatility in Japanese equities and US treasuries, the MAS chief underscores the need for market participants to manage leverage prudently and diversify strategies.

As a regional model of liquidity, stability and pricing efficiency, he cites Singapore’s foreign exchange ecosystem, supported by the MAS’ e-trading infrastructure initiative. Singapore’s foreign exchange market in 2024 surpassed US$1 trillion in average daily traded volume.

Turning to fund management practices, Chia highlights global regulatory calls to align portfolio liquidity with redemption terms, noting that the MAS will study enhancements to its liquidity risk framework for asset managers.

The authority, he adds, is conducting ongoing consultations on allowing retail access to private market investment funds, noting growing investor interest in private equity and infrastructure for long-term portfolios.

Investor education was also a strong theme. Chia reaffirms the MAS’ commitment to the MoneySense programme and commends the IMAS’ role in public financial literacy and professional development.

“I am happy to see the IMAS’ continued efforts to bring partners together to uplift the asset management sector,” Chia shares. “The IMAS has played an important role in improving public education through partnerships with MoneySense, SGX [Singapore Exchange] and FundSingapore.”

In addition, he welcomes the launch of the IMAS Climate Handbook, in partnership with Amundi, calling it a milestone in integrating climate risks into portfolio management.

“This practical guide will enable asset managers to integrate climate considerations into risk assessments and investment frameworks,” he shares. “As regulator and partner, the MAS will continue to work with the industry to ensure sustainable, resilient growth.”