American asset manager State Street has secured a licence from the Monetary Authority of Singapore to expand its trust services in the market.
The firm has been targeting Singapore-authorised, retail-only, collective investment schemes with its trustee services.
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The latest move enables State Street to serve as a trustee for collective investment schemes provided to institutional investors as well as restricted schemes for accredited investors. It has been operating in Singapore since 1997.
The firm offers a range of services in the city-state such as investment recordkeeping, post-trade management, custody, fund accounting, fund administration and transfer agency.
State Street head of global services for South East Asia Syed Asim Hasan said: “Since we launched our trustee and transfer agency services in Singapore four years ago, we have established relationships with a number of asset managers.
“To build on the success of the service, we are delighted to now expand our suite of capabilities to meet the evolving needs of asset managers in the country.
“Singapore has a large and rapidly growing wealth management and banking industry and demand for restricted collective investment schemes is expected to continue to increase.”
Globally, State Street has a presence in over 100 markets.
The firm managed $2.8 trillion in assets at the end of March 2019 and has staff strength of nearly 40,000.
