Standard Chartered adds trustee notch for Singapore
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Standard Chartered adds trustee notch for Singapore 04 March 2014Singapore Reporter: Georgina Lavers
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Standard Chartered has added trustee services to its global custody and fund services capabilities for collective investment schemes in Singapore.
With the new service, the bank now offers fund administration, fund trustee, custody, and cash management for fund managers looking to offer authorised funds in Singapore.
This local expansion mirrors the bank’s global widening of its fund trustee and depository services, which now encompasses nine markets, including Hong Kong, Malaysia, Luxembourg, South Africa and Uganda where services were launched last year.
With the prospect of growing cross-border mutual fund sales including the Collective Investment Schemes (CIS) from the Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific Economic Cooperation (APEC) Funds Passport, fund managers based in Singapore are attempting to capitalise on expanding growth opportunities in Asia.
Margaret Harwood-Jones, the global segment sponsor for investors and intermediaries at Standard Chartered, said that the upcoming ASEAN Fund Passport, Singapore, which provides the benefit of clear regulatory and tax rules, would be an excellent base for fund managers to market their funds to ASEAN investors.
Alan Naughton, the global head of product management for investors and intermediaries, said: “Expansion of our fund trustee services in Singapore is a natural progression for us as a comprehensive securities services provider in the region."
"We have undertaken extensive research to ensure that not only do our broad capabilities meet client requirements but that we differentiate ourselves from other players in the region. We are extremely grateful for the support given to us by the Monetary Authority of Singapore during the licensing process.”
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