State Street expands Singapore trustee capabilities

Singapore_MerlionState Street has received the green light to expand its trustee capabilities in Singapore after obtaining a trust business license from the Monetary Authority of Singapore. The license allows the asset manager and custody bank to act as a trustee for collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors. Syed Asim Hasan, head of global services for south-east Asia at State Street said: “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.” He added that the firm is “excited to support asset managers’ growth in the retail, high-net-worth and institutional segments in Singapore.” State Street established its Singapore office in 1997. ©2019 funds global asia

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