Singapore, 13 February 2023 (Monday) – The Association of Independent Wealth Managers Singapore (AIWM) has partnered with eight of its member firms to establish a bursary initiative at Singapore Management University (SMU). This is the first time that such an initiative has been undertaken by AIWM. Collectively, between the eight member firms and AIWM, the gift amounts to $160,000 and will benefit eight students in total.

This initiative was launched by AIWM, in the hopes that it would support freshmen students in financial need. As an association, their hope is to take a leadership position through this meaningful initiative and encourage more of their member firms to give back to the community.

As part of the initiative, each student will receive $5,000 a year, or a total of $20,000 over four years, to support them over the course of their undergraduate education at SMU. The bursaries are being co-funded by the association with a 25% contribution of $5,000 per bursary, and the remainder 75% contribution of $15,000 per bursary, from each of its participating members. The bursaries will be disbursed during the University Academic Year 2023 commencing in August.

The participating member firms are as follows:

• Abacus Asia Wealth Management Pte Ltd
• AL Wealth Partners Pte Ltd
• Azimut Investment Management Singapore Ltd
• Covenant Capital Pte Ltd
• Global Precious Metals Pte Ltd
• HP Wealth Management (S) Pte Ltd
• Marcuard Heritage (Singapore) Pte Ltd
• Red Beacon Asset Management Pte Ltd

Of this gesture, Mr Edwin Lee, Committee Member of AIWM and Chief Executive Officer of Covenant Capital Pte Ltd, said, “As stewards of assets, we are deeply encouraged by this philanthropic initiative and hope that this will be the start of a wave of family offices partnering with their clients to support students in financial need.”

Professor Timothy Clark, SMU Provost, said, “As professional wealth managers, the association and their members are best placed to know how budgeting challenges and constraints can impact one’s long-term aspirations and plans. Thus, their generous donations will go a long way in helping SMU students who are in financial need to overcome barrier they are experiencing so that they have the peace of mind and to focus on working towards achieving their dreams. And in time to come, we hope they too will pay it forward.”