# First Sentier Investors (Singapore)

> First Sentier Investors (Singapore) is an SEC-registered investment advisory firm in Singapore, Singapore, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 21, 2026.

- CRD: 165124
- Filed as: FIRST SENTIER INVESTORS (SINGAPORE)
- Also doing business as: FIRST SENTIER GROUP, FIRST SENTIER INVESTORS, FSSA INVESTMENT MANAGERS, IGNEO INFRASTRUCTURE PARTNERS, RQI INVESTORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Singapore, Singapore
- Filing period: October 2026
- Form ADV filing dated: September 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/165124
- AdvisorCensus page: https://advisorcensus.com/firm/first-sentier-investors-singapore-singapore-165124

## Quick answers

**How is First Sentier Investors (Singapore) compensated?**
On its Form ADV (Item 5.E, October 2026), First Sentier Investors (Singapore) reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is First Sentier Investors (Singapore) located?**
First Sentier Investors (Singapore)'s principal office is in Singapore, Singapore, according to its Form ADV; the August 2025 filing also lists 1 other office (Schedule D, Section 1.F).

**Is First Sentier Investors (Singapore) registered with the SEC or a state?**
First Sentier Investors (Singapore) is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 165124.

**How much does First Sentier Investors (Singapore) manage?**
First Sentier Investors (Singapore) reports $10,839,432,963 in regulatory assets under management in its Form ADV filing dated September 21, 2026 (100% discretionary).

**How have First Sentier Investors (Singapore)'s assets and staff changed since 2021?**
In the Form ADV data for First Sentier Investors (Singapore): Regulatory assets under management: $32,962,147,220 in the October 2021 data and $10,839,432,963 in the October 2026 data, down 67%. Total employees: 50 in October 2021 and 55 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does First Sentier Investors (Singapore) serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6); pension and profit sharing plans (but not the plan participants or government pension plans) (2); state or municipal government entities (including government pension plans) (1).

**Which custodians does First Sentier Investors (Singapore) use?**
First Sentier Investors (Singapore)'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Citibank, HSBC International Trust Limited and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does First Sentier Investors (Singapore) report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/165124

**What changed in First Sentier Investors (Singapore)'s recent Form ADV filings?**
In the April 2026 filing data: No longer lists the business name Stewart Investors. Added the business name First Sentier Group. No longer lists an office in Singapore.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Citibank
- HSBC International Trust Limited
- State Street Bank and Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $10,839,432,963
- Discretionary: $10,839,432,963
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $9,496,147,519 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 2 | $963,492,730 |
| State or municipal government entities (including government pension plans) | 1 | $249,831,094 |
| Corporations or other businesses not listed above | 1 | $129,961,620 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 55 total, 19 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2025 filing
- Singapore

### Websites listed on Form ADV (Item 1.I)
- [firstsentiergroup.com](https://firstsentiergroup.com)
- [firstsentierinvestors.com](https://firstsentierinvestors.com)
- [fssaim.com](https://fssaim.com)
- [igneoip.com](https://igneoip.com)
- LinkedIn @first-sentier-group
- LinkedIn @first-sentier-investors
- LinkedIn @fssa-investment-managers
- LinkedIn @igneo-infrastructure-partners
- LinkedIn @rqiinvestors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $32,962,147,220 | 50 | March 29, 2021 |
| October 2022 | $38,172,377,065 | 56 | April 6, 2022 |
| October 2023 | $33,588,258,037 | 66 | May 12, 2023 |
| October 2024 | $32,493,769,947 | 59 | August 14, 2024 |
| October 2025 | $11,721,470,121 | 55 | July 8, 2025 |
| October 2026 | $10,839,432,963 | 55 | September 21, 2026 |

Regulatory assets under management: $32,962,147,220 in the October 2021 data and $10,839,432,963 in the October 2026 data, down 67%.
Total employees: 50 in October 2021 and 55 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- No longer lists the business name Stewart Investors.
- Added the business name First Sentier Group.
- No longer lists an office in Singapore.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. First Sentier Investors (Singapore) (CRD 165124): Form ADV filing data as of October 2026.