UOBAM signs decade-long custody mandate with State Street
15 September 2023 Singapore
Image: Thanadon88
State Street has been reappointed to provide custodian and fund administration services to UOB Asset Management (UOBAM) for a further 10 years.
The agreement renews the two firms’ six-year partnership that started in 2017, whereby State Street provided UOBAM's Singapore business with solutions, including global custody, fund accounting, transfer agency and trustee services.
In addition, it provided investment operations, financial reporting and collateral management.
Since then, the scope has expanded to support UOBAM's middle office in Malaysia and the launch of UOBAM's first exchange-traded fund in Taiwan.
Mostapha Tahiri, CEO of Asia Pacific, Middle East and Africa, State Street, says: “This relationship has helped form the cornerstone of State Street's asset manager servicing business in Southeast Asia.
“The renewal is a testament to the quality of our service and solutions underpinned by technology. Our regional operating model, with an integrated and scalable asset servicing platform, is geared to address asset managers' future needs and support their business expansion globally."
Wijaya Elham, chief operating officer at UOBAM, comments: "After an extensive market review, we decided to reappoint State Street as we were convinced that its capabilities and services remain market leading.
“Building on the strong foundations we have with State Street, we look forward to leveraging State Street’s technology with the scale and flexibility to meet the demands of our growth in the next decade."
The agreement renews the two firms’ six-year partnership that started in 2017, whereby State Street provided UOBAM's Singapore business with solutions, including global custody, fund accounting, transfer agency and trustee services.
In addition, it provided investment operations, financial reporting and collateral management.
Since then, the scope has expanded to support UOBAM's middle office in Malaysia and the launch of UOBAM's first exchange-traded fund in Taiwan.
Mostapha Tahiri, CEO of Asia Pacific, Middle East and Africa, State Street, says: “This relationship has helped form the cornerstone of State Street's asset manager servicing business in Southeast Asia.
“The renewal is a testament to the quality of our service and solutions underpinned by technology. Our regional operating model, with an integrated and scalable asset servicing platform, is geared to address asset managers' future needs and support their business expansion globally."
Wijaya Elham, chief operating officer at UOBAM, comments: "After an extensive market review, we decided to reappoint State Street as we were convinced that its capabilities and services remain market leading.
“Building on the strong foundations we have with State Street, we look forward to leveraging State Street’s technology with the scale and flexibility to meet the demands of our growth in the next decade."
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