Schroder Investment Management Singapore has given its transfer agency business to the Dexia Fund Services operation in Singapore.
Schroders have moved their registration function for the Singapore market entirely to Dexia. The European banking group says Schroders will “benefit from a consolidated solution for both their existing unit trust business and the launch of their Luxembourg domiciled offshore funds now registered for distribution in Singapore.”
In total, the business represents 42 local unit trusts with approximately 40,000 investor accounts and a total of 27 offshore funds.
“The growing need for distribution support, customised reporting, automation and a flexible registration platform all contributed to the need for Schroders to review their business model and move to a new service provider with the technological capabilities to support their growth initiatives,” says Dexia.
DFS Singapore will use the group registrar system, which it says supports over 5 million transactions a year and 3.5 million client accounts. The system is an in-house application, deployed wherever Dexia have registration operations, and owned and operated by Dexia transfer agency subsidiary First European Transfer Agent (FETA).
“This deal further secures Dexia’s position in the region where it is a major player with a market share of 35% of assets under trust for Singapore domestic funds,” says a Dexia spokesman. “We now service the two biggest fund houses in Singapore.”