Singapore’s strong currency has inspired California-based Tano Capital to open an office in the Southeast Asian city-state.
Tano, the family office of the founders of Franklin Templeton Investments, will change the jurisdiction of the Tano Global Hard Assets Fund to Singapore from Delaware, spokesman Charles E. Johnson told Bloomberg.
The fund will be denominated in Singapore dollars starting next month. The Singapore currency has risen 11% in the past 12 months, making it the best performer in Asia ex Japan.
“The Singapore dollar is a much more sensibly managed currency than a lot of other currencies; we would love to give our investor base, which is global, that opportunity,” said Johnson. “The currency will remain one of the stronger ones globally.”
In April, Singapore’s Monetary Authority said it would allow the currency to make further gains, as it tightened monetary policy for the third time in a year. Singapore controls the currency through its exchange rate, rather than interest rates.