Competence Centre for Wealth Management

The Competence Centre for Wealth Management was founded in 2012 and advances research and education in the field of wealth management. Its work explores how individuals and institutions allocate, preserve, and grow wealth in an increasingly complex financial environment.

Focus on Private Markets

Research on private markets has become a defining pillar of the Centre’s activities. This focus reflects the growing role of private equity in private wealth portfolios. The Centre examines the structure, performance, and governance of private equity funds, as well as the behaviour and decision-making of both general and limited partners.

The Competence Centre’s researchers collaborate closely with academic partners and industry practitioners to generate insights relevant to academia, investors, and policymakers. Beyond academic publications, the Centre engages with industry partners through reports, applied projects, and joint research initiatives.

The Competence Centre also supports teaching and executive education activities in wealth management and private markets at the St. Gallen Institute of Management in Asia (SGI-HSG) of the University of St.Gallen. It hosts and co-organises events such as guest lectures, company visits, and the annual Singapore Private Equity Research Symposium, which serves as a platform for academic exchange and dialogue between scholars and private equity professionals in Southeast Asia.

Members of the Competence Centre for Wealth Management currently include Prof. Dr. Stefan Morkötter, Dominic Rainsborough, and Jan Niclas Mueller.

Singapore Private Equity Research Symposium

The centre hosts the annual Singapore Private Equity Research Symposium together with the Institute for Private Capital (IPC) and the Private Equity Research Consortium (PERC). The symposium has developed into a leading forum for exchange between academics and practitioners in private equity in Asia, bringing together every year researchers, investors, and industry experts to advance dialogue and share recent research insights. The next Singapore Private Equity Research Symposium will take place in February 2026.

For more information please click here.

Current Research Projects

Working Paper: Trade Distortions and Investment Decisions of Private Equity Funds

Authors: Simon Evenett, Stefan Morkötter, and Dominic Rainsborough

The paper explores how buyout funds respond to changing trade barriers when selecting investments across countries and industries. It employs a unique dataset of 9,142 transactions completed by 1,623 funds across 60 countries and 52 industries during 2010-2020. The research shows that import restrictions and subsidies tend to deter PE investments, while tariffs can sometimes increase investment likelihood. These contrasting effects highlight how different types of trade policy create distinct incentives for private equity investors. The findings expand traditional “tariff-jumping” research beyond FDI and into buyout activity, offering new insights into how policy distortions shape global private equity markets.

To read the full working paper, please click here. 

 

Working Paper: Trade Policy and Its Impact on Limited Partnership Commitments in Private Equity

Authors: Simon Evenett, Stefan Morkötter, Jan Niclas Mueller, and Tobias Schori

This study examines how trade policy shapes the commitments of U.S. public pension funds to private-equity funds. Using a novel dataset of 1,824 foreign fund-level commitments by 129 U.S. public pension funds from 2009–2022, it links institutional capital allocation to trade distortions. Consistent with tariff-jumping behaviour, U.S. pensions reduce foreign commitments when U.S. protectionist measures rise, but increase them when protectionist measures in recipient countries intensify. There is limited evidence that industrial-policy instruments such as subsidies influence allocation decisions. Overall, the results show that protectionist trade policy systematically redirects the geographic allocation of institutional capital by altering perceived investment conditions in foreign financial markets.

To read the full working paper, please click here.

 

White Paper: The Limited Partner Perspective on Private Equity in Asia-Pacific

Authors: Stefan Morkoetter, Tobias Schori and Maria Oliveira.

While the Asia-Pacific region (APAC) has become synonymous with investment opportunities, much remains to be understood about how investors access its private markets. This report examines how private equity investors from within and outside the region allocate to APAC-focused funds. It shows that these markets are dominated by investors domiciled locally, with most commitments originating from North Asia. Investors based within APAC and those based outside exhibit distinct investment styles and return patterns, with APAC-based investors appearing to slightly outperform non-APAC peers.

To read the full report, please click here.

Stefan Morkötter

Prof. Dr.

Managing Director & Professor

SGI-HSG
St. Gallen Institute of Management in Asia
110 Amoy Street #03-01
069930 Singapur
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