The U.S. financial services group can now expand its trustee capabilities in Singapore.
State Street has been providing trustee services to Singapore-authorized, retail-only, collective investment schemes for a few years. With this new license, the firm is able to act as a trustee for collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors.
«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. With a full trustee servicing capabilities and our comprehensive front-, middle- and back-office services, we are excited to support asset managers’ growth in Singapore,» said Syed Asim Hasan, head of Global Services for South East Asia at State Street in a media statement on Monday.
Presence in Singapore
State Street established its office in Singapore in 1997 and has an integrated servicing model for asset managers. In addition to acting as trustee for collective investment schemes, it also provides a full set of middle- and back-office services such as investment recordkeeping, post-trade management, custody, fund accounting, fund administration, and transfer agency.
«Since we launched our trustee and transfer agency services in Singapore four years ago, we have established relationships with a number of asset managers,» added Hasan. The U.S. listed firm has $32.643 trillion in assets under custody and administration and $2.8 trillion in assets under management as of March 31, 2019. It operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide.
