Placing billions of US dollars of government money into the hands of international fund managers has been a foundation of the city-state's drive to rival Hong Kong, Tokyo and Sydney as financial centres.
Analysts say some fund managers are moving to Singapore in the wake of the plan.
The central bank declined to identify who would manage the money given over to commercial management yesterday. I was talking to some of my colleagues and they mentioned they continue to see some migration of fund managers from Hong Kong to Singapore. When picking the winners of the mandate, the government rewarded those firms that brought the most new money into the city and developed the best plans for nurturing local talent. The number of investment professionals expanded 20 per cent.