Standard Chartered completes Hong Kong acquisition of RBC Investor Services Trust
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Standard Chartered completes Hong Kong acquisition of RBC Investor Services Trust 24 May 2023Hong Kong Reporter: AST
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Standard Chartered has completed its acquisition of RBC Investor Services Trust Hong Kong, rolling the acquisition into a newly approved entity named Standard Chartered Trustee (Hong Kong) Ltd.
Its existing trustee capabilities in Hong Kong, which service retail funds, will also be merged into SC Trustee over time.
SC Trustee is a subsidiary of Standard Chartered Bank Hong Kong and serves as an approved trustee authorised by the Mandatory Provident Fund Schemes Authority.
The strategic acquisition of RBC Investor Services Trust Hong Kong is designed to widen the securities services capabilities and client base of Standard Chartered Bank Hong Kong and to extend its trustee activities for MPF schemes and Occupational Retirement Scheme Ordinances in Hong Kong.
SC Trustee will provide a full suite of fund services, including trustee, custody, fund administration and transfer agency.
Simon Kellaway, Standard Chartered’s global head of sales and regional head of financing and securities services for Greater China and North Asia , has been appointed as chair of SC Trustee.
Christy Cheng will become chief executive, having previously served as head of CCB (Asia) Trustee Company Limited.
Kellaway says: “Standard Chartered is keen on investing in growth opportunities and expanding its offering to meet clients’ needs. As at end-March 2022, MPF assets under management in Hong Kong amounted to US$1.12 trillion, which is a very significant market with continuous growth potential.
“With Standard Chartered’s deep knowledge of the local market, we look forward to extending our trustee services for MPF schemes and other eligible investment funds to additional clients, and bolstering our capabilities in Hong Kong.”
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