Phillip Capital Management (S) Ltd, (PCM) is the Singapore-based asset management arm of the PhillipCapital Group.

The history of PCM dates back to 1994. The company started as Allied Phillip Capital Management (APCM), a joint venture between Allied Irish Banks PLC (AIB) and Phillip Securities. APCM subsequently became AIB Govett in 1997 when AIB acquired John Govett Group. In addition to institutional funds, AIB Govett managed 2 Singapore-based unit trusts, the AIB Govett Asia Pacific Fund (inception Nov 1995) and the AIB Govett Global Brands Fund (inception Aug 1997), led by Mr Jeffrey Lee, the Managing Director and CIO of the then APCM. From the time of inception until 1999, the two funds delivered annualised returns of 15% and 17% respectively. The funds had up to that point consistently been ranked within the top quartile by Micropal, and have significantly outperformed its funds within the same peer group.
Following the divestment of group interests in AIB Govett, PCM was formally incorporated on 2 September 1999. It has grown consistently with the firm achieving profitable since its first year of operation. PCM became an IMAS Regular Member on 21 Sept 1999 and was later granted a Capital Markets Services licence to conduct Fund Management activities in Singapore since 2 February 2000.
In April 2001, PCM launched three public unit trusts, namely the Phillip Growth Fund (global equities), the Phillip Income Fund (global fixed income) and the Phillip Money Market Fund (SGD money market instruments). In April 2002, PCM launched the Phillip Hedge Fund, a US Dollar alternative investments fund for accredited investors. In December 2003, PCM took back management of the 2 Singapore-registered funds of AIB Govett and renamed them Phillip Global Brands Fund and Phillip Asia Pacific Growth Fund.