HSBC to provide custody and fund admin for first ETF under Singapore VCC scheme
17 September 2020 Singapore
Image: bennymarty/Adobe Stock
CSOP Asset Management has selected HSBC to provide custody and fund administration services for its first exchange-traded funds (ETF) under the authorised Variable Capital Company (VCC) scheme in Singapore.
The ETF, CSOP INVESTMENTS VCC - ICBC CSOP FTSE Chinese Government Bond Index ETF, will be available on 21 September after getting the approval from the Monetary Authority of Singapore (MAS).
Launched in January by MAS, the VCC is a new corporate structure for investment funds that offers flexibility and cost savings to global asset managers seeking to establish new funds or re-domicile their overseas funds in Singapore.
According to HSBC, the framework covers all traditional and alternative strategies with either open-ended or closed-ended funds.
Gavin Powell, head of global markets, HSBC Singapore, said: “We are delighted to partner with CSOP and provide our leading securities services offering for the first ETF under the authorised VCC in the country.”
Powell added: “New fund structures like VCC now available in Asia Pacific are putting the spotlight on the region as a viable international investment hub. This strengthens our commitment to the development of the region’s fund management industry.”
Ding Chen, CEO of CSOP Asset Management commented: "As the first Chinese offshore asset manager to issue an ETF in Singapore, we are proud to introduce the ICBC CSOP FTSE Chinese Government Bond Index ETF under VCC structure to global investors. We appreciate the continuous support from HSBC all the way from Hong Kong to Singapore. Their professional custodian service has enabled us to bring more exciting products to global investors."
Earlier this year, BNP Paribas Securities Services was appointed by CSOP to provide fund administration services for funds using Singapore’s new VCC structure.
More recently, Sudrania Fund Services opened an office in Singapore to market its end-to-end cloud-based fund administration platform following the recent enactment of the VCC fund structure legislation.
The ETF, CSOP INVESTMENTS VCC - ICBC CSOP FTSE Chinese Government Bond Index ETF, will be available on 21 September after getting the approval from the Monetary Authority of Singapore (MAS).
Launched in January by MAS, the VCC is a new corporate structure for investment funds that offers flexibility and cost savings to global asset managers seeking to establish new funds or re-domicile their overseas funds in Singapore.
According to HSBC, the framework covers all traditional and alternative strategies with either open-ended or closed-ended funds.
Gavin Powell, head of global markets, HSBC Singapore, said: “We are delighted to partner with CSOP and provide our leading securities services offering for the first ETF under the authorised VCC in the country.”
Powell added: “New fund structures like VCC now available in Asia Pacific are putting the spotlight on the region as a viable international investment hub. This strengthens our commitment to the development of the region’s fund management industry.”
Ding Chen, CEO of CSOP Asset Management commented: "As the first Chinese offshore asset manager to issue an ETF in Singapore, we are proud to introduce the ICBC CSOP FTSE Chinese Government Bond Index ETF under VCC structure to global investors. We appreciate the continuous support from HSBC all the way from Hong Kong to Singapore. Their professional custodian service has enabled us to bring more exciting products to global investors."
Earlier this year, BNP Paribas Securities Services was appointed by CSOP to provide fund administration services for funds using Singapore’s new VCC structure.
More recently, Sudrania Fund Services opened an office in Singapore to market its end-to-end cloud-based fund administration platform following the recent enactment of the VCC fund structure legislation.
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