The Monetary Authority of Singapore has given 8 Capital, a subsidiary of Singapore 8IH, approval to operate as a registered fund management company.

The registration will allow the firm to start its new asset management business. It will be allowed to manage/advise up to 30 qualified investors, of which not more than 15 are funds, and manage up to S$250 million ($179 million) in assets under management, Singapore 8IH said.

Singapore 8IH will appoint 8 Capital to co-manage/advise the Hidden Champions Fund with IIFL Asset Management Mauritius, the current investment manager of the fund.

“This will enable the group to generate additional revenue from the asset management business and enhance the deep knowledge base of the group," Clive Tan, executive director of 8IH, said.