BNP Paribas mandated for Asian UCITS funds 29 November 2013Malaysia Reporter: Georgina Lavers
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BNP Paribas Securities Services has been mandated by Hwang Investment Management to provide services to four UCITS funds.
HwangIM is the largest independent asset manager in Malaysia. It has appointed BNP Paribas for global custody around their flagship Asian Series portfolio, expected to launch in January 2014, as well as fund administration, transfer agency, investment risk and performance reporting and trustee services.
HwangIM selected UCITS because of the ease of access to multiple markets created by the harmonised UCITS framework. ??Following a competitive tender, BNP Paribas secured the mandate based on its client-service framework through which it delivers its complete suite of investor services locally.
Distributors have access to trade services and local support during Asian working hours via BNP Paribas’ Singapore window, while the bank’s local team leads the client service relationship and can instruct other de-localised client-service teams on best practices for Asian clients.
Esther Thye, chief sales officer at Hwang Investment Management, said: “We selected BNP Paribas based on their expertise in cross-border fund distribution. We believe their solutions would give us a competitive edge that would help to underpin our expansion plans in Asia and Europe.”
??Mostapha Tahiri, head of BNP Paribas Securities Services Singapore, who is also the bank’s Asia head of asset and fund services, said that currently, around 24 percent of UCITS funds are distributed outside Europe, mainly in Asia.
“Hwang joins a growing number of South East Asian asset managers using our Singapore client window for a full suite of services including UCITS distribution support. ??“Our local team of specialists work closely with their European counterparts to build a strong East-West industry knowledge base, and we look forward to helping HwangIM to advance their distribution abroad.”
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