IMAS hosted a Singapore Fund Industry Review with Morningstar, providing members with an overview of market developments, investor flows and fund performance during the first half of 2025. Presented by Arvind Subramanian, Senior Analyst, Manager Research at Morningstar, the session examined how markets navigated heightened volatility and uncertainty surrounding US trade policy, alongside elevated fixed-income yields and a weaker US dollar.

The presentation highlighted key trends across Singapore’s fund industry, including strong inflows into money market funds as investors sought greater stability, continued demand for fixed income, and more subdued equity fund flows amid market uncertainty. Participants also gained insights into renewed interest in Singapore equity funds, sustained demand for global multi-asset income strategies, and the performance of CPF Investment Scheme-included funds, with Asian equities gaining momentum relative to global markets.

The session also explored evolving product and investment trends, including the rapid growth of active ETFs, the considerations required when conducting ETF due diligence, and the relatively slower adoption of Asian bond ETFs.