The Monetary Authority of Singapore has granted a capital markets service licence to Nordics-based Nordea Asset Management (NAM).
This allows the Scandinavian firm to carry out portfolio construction and allocation and serve as a licensed fund manager.
Other activities allowed under the licence include research and advisory, business development, marketing and client servicing.
Nordea AM has had a presence in Singapore since 2018, and in 2021 it announced its intention to set up an ESG hub in Singapore.
According to Ana Dhoraisingam, head of Asia-Pacific distribution ex-Japan, Singapore and Asia are important growth markets for NAM and the licence award, along with the appointment of an investment team on the ground, will enable the firm to “deepen our footprint in the region”.
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