Luxembourg-based Alter Domus, which specialises in company setup/domiciliation in addition to providing outsourced fund administration services, has announced the opening of a new office in Singapore. The announcement underlines its commitment to becoming a key player in the Asian administration arena, with Singapore having been identified as a critical component of its growth plans. Speaking to Hedgeweek, Javed Rahman, Managing Director for Hong Kong and Singapore, says that he sees the Republic fast becoming a wealth management centre: not quite Switzerland, but getting there. “I think the driver behind Singapore’s growth is twofold,” comments Rahman. “Firstly, its progressive regulatory regime is making it competitive with Hong Kong. And secondly, its market focus is on South East Asia (Malaysia, Indonesia, even Australia).” Rahman adds that having a presence in Singapore makes sound business sense. “The firm has plans not only for fund administration but for corporate services as well.”