Deutsche Bank (NYSE:DB) has opened two prime broking desks in Singapore to serve the city-state's fast growing hedge fund industry.

The capital introduction desk will match hedge funds with investors and give advice. The prime finance desk will provide prime brokerage and alternative financing for institutional investors.
There were about 190 hedge funds in Singapore at the end of 2006 managing 40 billion Singapore dollars of assets, according to Monetary Authority of Singapore data -- an increase of 76 percent over the number of funds in 2005.
Funds are attracted by a light regulatory touch, swift approval times, low taxes, and the possibility of managing some of the multi-billion dollar pools of capital in Singapore's sovereign wealth fund, the Government of Singapore Investment Corporation, and Temasek, the state-backed investment company.
Competition for hedge fund business is hotting up. This year Deutsche, Citigroup, Morgan Stanley, and Merrill Lynch have all set up or expanded prime brokerage operations in Singapore.
(Source: Financial Times)