Maybank Asset Management Singapore has appointed BNP Paribas Securities Services to provide fund servicing solutions including global custody, fund administration, reporting and trustee services for Maybank’s new range of funds compliant with the ASEAN Funds Passport scheme.
Maybank is now planning to launch these funds, which can be distributed directly to retail investors across Singapore, Malaysia and Thailand.
“We are collaborating with BNP Paribas to customise a set of fund servicing solutions that meets our cross-border distribution requirements under the ASEAN Funds Passport scheme. BNP Paribas’ strong presence in Singapore and local expertise make it a suitable partner for us as we need quick time-to-market solutions to significantly expand the distribution reach of our innovative range of funds across South East Asia,” says Nor’ Azamin Salleh, CEO of Maybank Asset Management Group, which has $3.8 billion in AUM.
“As a strategic partner, we want to help Maybank AM Singapore to harness the opportunities arising from the ASEAN Funds Passport scheme,” says Mostapha Tahiri, head of BNP Paribas Securities Services Singapore. “We have further extended our range of award-winning solutions to RQFII and shariah-compliant funds, which should benefit from the strong cross-border inflows under the scheme.
“The ASEAN Funds Passport scheme is one of several new mutual recognition frameworks that will facilitate greater cross-border offerings of funds. We are anticipating significant growth over the next five years and are actively working with local regulators to define the future of funds distribution in the region.”
In addition to this deal for Maybank’s funds, Maybank’s securities services arm is working on a joint custody solution with BNP Paribas and Maybank Asset Management for the ASEAN Funds Passport scheme.
BNP Paribas Wins ASEAN Funds Passport Mandate
Maybank Asset Management Singapore has appointed BNP Paribas Securities Services to provide fund servicing solutions including global custody, fund administration, reporting and trustee services for Maybank's new range of funds compliant with the ASEAN Funds Passport scheme.