Dublin-based hedge fund administrator Custom House Administration & Corporate Services Limited has opened a full service operation in Singapore.
The new office, which will open in the New Year and which will be operated by an associated company of Custom House, Singapore Administration & Corporate Services Pte Ltd., is the first on-the-ground Asia presence for Custom House. The firm describes it as “crucial” to its ambition of attracting new hedge fund clients.
“Singapore is a strategic choice for our expansion into Asia,” says Dermot Butler, Chairman of Custom House. “It’s one of the largest hedge fund centres in Asia and one of the most efficient financial centres in the world and will enable us to service our global clients 24-hours a day.”
As the hedge fund industry in Asia grows, there will be an increased need for local administrators to deliver the transparency and third-party reporting that investors demand, says Custom House.
In addition to Asian clients, David Blair, Managing Director of Custom House, points out that many of the institutional clients of the firm in Europe and North America are increasingly active in the region, and looking for more frequent valuations. “Clients, and especially those with daily dealing hedge funds will benefit from our ability to take advantage of the time zone differences offered by the Singapore office,” he says.
The Singapore office complements Custom House’s offices in Dublin and Chicago, giving the firm a presence in all the major time zones for the first time.