Asian financial services provider Phillip Capital Group has migrated its largest Singapore dollar money market fund to BNP Paribas Securities Services Singapore.
According to BNP Paribas, the mandate was based on its ability to help Phillip Capital improve operational efficiency and fulfil regulatory requirements, allowing them to manage, track, and report on funds.
It also offers a standardised and scalable approach to custody, which will likely be gradually scaled out to other locations.
Phillip Capital, which has approximately $30 billion in assets under custody and management, is also working with BNP Paribas Securities Services to launch a fund in Hong Kong.
Jeffery Lee, managing director and co-chief investment officer at Phillip Capital Management, said: “We continually seek to offer leading products to our clients in Asia and therefore require high levels of scalability and operational efficiency to service our clients.”
“The long-term partnership with BNP Paribas Securities Services allows us to focus on our core business in the major investment markets in which we operate.”
Mostapha Tahiri, head of Singapore for BNP Paribas Securities Services, added: “Phillip Capital Group was one of our first clients and we are proud to have earned their trust over the years and to support their expansion into other Asian markets.”
“We have now grown to become one of the leading service providers for Singapore collective investment scheme fund administration and custody services. We are committed to enhancing our service and providing operational efficiency so that our clients can continue to grow their business across the region.”
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