BNP Paribas Securities Services appointed by First Plus for Singapore VCC mandate

New mandate follows existing long-term relationship with First Plus, having guided the investment group in establishing its first VCC fund.

By Wesley Bray

BNP Paribas Securities Services has been selected by First Plus Asset Management to provide fund administration services for its funds using Singapore’s Variable Capital Company (VCC) structure.

First Plus – a multi-asset investment group focused on emerging Asia – originally launched its asset management platform in Singapore in March last year.

BNP Paribas, as part of the mandate, 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.

BNP Paribas Securities Services is a long-term adviser and partner to First Plus, having guided the investment group in establishing its first VCC fund.

The Monetary Authority of Singapore launched the VCC in January 2020 as a corporate structure for investment funds, created to reinforce 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.

In the future, BNP Paribas will also support First Plus’ planned private equity fund.

“When First Plus came to Singapore, we selectively reviewed potential partners to build up our presence and connections in the ASEAN market,” said Yang Lu, CEO of First Plus Asset Management.

“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.”

The news of BNP Paribas’ continued partnership with First Plus follows another mandate won by the fund administrator for Singapore-registered fund manager Indea Capital Partners.

BNP Paribas will provide services to Indea sub-fund set-up under Singapore’s VCC structure.

“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,” said Diana Senanayake, head of BNP Paribas Securities Services Singapore.

“For the planned private equity fund launch, we are able to leverage our relationships with FinTechs to further strengthen our private equity solutions. 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.”