BNP Paribas Securities Services had been appointed as the trustee and custodian of a new ETF launched by Asia-based financial services firm CGS-CIMB Securities.
The CGS Fullgoal Vietnam 30 Sector Cap exchange-traded fund was launched last week with assets under management (AUM) of S$35 million (US$25.83 million) at launch.
This ETF is the first of its kind in Singapore, providing investors with diversified exposure to Vietnam’s market.
In a statement by the Singapore Exchange, the venue said: “Vietnam is gaining in relevance for international investors seeking diversification and long-term growth opportunities. With shifts in global supply chains and strong domestic consumption driven by a growing middle-class population, Vietnam has emerged as a booming manufacturing hub and is one of the fastest growing economies in Asia.”
SGX added that investor appetite in ETFs remains strong with the Asia Pacific-ex Japan ETF market continuing to perform strongly, drawing year-to-date net inflows of close to US$44.2 billion, the second highest on record.
The mandate adds to a series of wins BNP Paribas has announced this year, including being selected as custodian by NHG, the executor of the Dutch national mortgage guarantee scheme; for global custody services to Univé, a cooperative insurance company based in the Netherlands; and a securities lending partner by Corporación Andina de Fomento (CAF), a development bank in Latin America and the Caribbean, with a portfolio of $1.3 billion.
BNP Paribas noted on a LinkedIn post: “We look forward to working with CGS-CIMB to help drive innovation and offer investors access to the market.”