First Plus Asset Management has selected BNP Paribas Securities Services to provide fund administration services for funds using Singapore’s Variable Capital Company (VCC) structure.
As part of the mandate, BNP Paribas will provide First Plus with global custody, hedge fund administration and investor services for its Asia Opportunity Fund and Asia Special Situation Fund under First Plus Global Opportunity Fund VCC, and in future, its planned private equity fund.
BNP Paribas Securities Services is a long-term adviser and partner to First Plus, and guided the investment group in establishing its first VCC fund.
First Plus launched its asset management platform in Singapore in March 2020.
The VCC was launched by the Monetary Authority of Singapore in January 2020 as an innovative corporate structure for investment funds designed to strengthen Singapore’s status as a regional fund distribution hub.
The structure allows umbrella funds and sub-funds that can be open-ended or closed-ended.
Yang Lu, CEO of First Plus Asset Management, says: “BNP Paribas is a world renowned financial group with experienced professionals and extensive product portfolios to support its clients. We value its global network and expertise in the local market to help us grow our business.”
Diana Senanayake, head of BNP Paribas Securities Services Singapore, comments: “It’s great to see our long-term collaboration with First Plus cemented with this mandate. We have a strong track record of supporting China-based asset managers as they grow across the region, providing access to multiple cross-border investment schemes.”
She adds: “We are also delighted to support Singapore’s authorities as they strengthen the city’s fund management infrastructure, of which the VCC is an important part.”
