HSBC Securities Services has been appointed the global custodian for Singapore-listed private equity firm TIH Investment Management.
The mandate also includes middle-office and fund administration services for TIH’s newly launched Asian active engagement fund, the Vastana Fund, for which HSBC will be its primary service provider.
The Vastana Fund was launched earlier this month, the firm’s first open-ended fund investing in Pan-Asian small and mid-cap companies.
With its strategic partnership with Argyle Street Management Limited, TIH is among the most established private equity investment teams in Asia, investing in a broad variety of sectors.
According to PwC, Singapore was the top market in the Asia-Pacific region for new fund registrations in 2019, and has quickly emerged as a potential fund domicile for asset and private equity managers with its new Variable Capital Company (VCC) fund structure.
In February, HSBC was selected as the service provider for Chartered Asset Management (CAM) to re-domicile all three of its funds to Singapore in preparation for the VCC pilot programme.
The re-domiciliation of CAM’s three funds, with a total $210 million in assets under management, from Mauritius to Singapore into the VCC framework is expected to be completed in the third quarter of this year.