Apex Fund Services (Singapore) Pte. Ltd.

Managing Director:		T.E. Srikumar T.E. is Managing Director of Apex Fund Services (Singapore) Pte. Ltd. Prior to joining Apex, T.E. was a Group Manager at BISYS Hedge Fund Services for 3 years. He has also worked for KPMG Al Nisf in Kuwait where he gained experience with the Kuwait Investment Authority and real estate and private equity work in the region. Prior to this he worked with PriceWaterhouseCoopers in Mumbai, India. He is a member of the Institute of Chartered Accountants in India.
About Apex Singapore:	Apex Singapore was incorporated as a private limited company on 17th July 2007. It commenced business shortly thereafter and has now become fully operational. At Apex Singapore, we provide a business advisory service, details of which can be viewed at Apex Business Advisory Services Pte. Ltd.
Regulatory Environment:	Singapore has become an important global wealth and fund management centre with total funds managed by Singapore-based asset managers amounting to S$891 billion as at the end of 2006. The Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) are the two main statutes in Singapore that govern large funds. Together they form a regulatory regime under the purview of the Monetary Authority of Singapore (MAS). Whilst some fund management activity may fall under the SFA which is regulated and may require the person conducting to hold a capital markets licence, there does exist exemptions from the need to hold such a licence under a series of qualifications. As part of Singapore's continuing efforts to promote the fund management industry the MAS has released a circular dated 31st August 2007 entitled "Changes pertaining to Tax Incentive Schemes for Fund Management". Prior to the change, for a fund to qualify under the tax exemption scheme, one of the conditions was that not more than 20% of the total value of its issued securities could be owned by Singapore tax residents or citizens. This requirement has now been amended and under the new changes which have been implemented with effect from 1st September 2007, fund managers based in Singapore now have greater flexibility in sourcing for mandates.  The liberalisation of this tax exemption according to the MAS will result in a qualifying fund under the tax exemption scheme for foreign investors being granted "tax exemption on specified income derived in respect of designated investments regardless of the residency status of its investors".
Contact Details of  T.E. Srikumar:	E-mail: srikumar@apexfunds.sg Phone: +65 629 52335 Mobile: +852 63929640 Fax: +65 629 56355 Address: 20 Bendemeer Road, #03-12 Singapore 339914