BNP Paribas Securities Services is to provide Indea Capital Partners (ICP), a Singapore-registered fund manager focused on advising clients on their alternatives investments, with a comprehensive range of global custody, hedge fund administration, investor services and financial reporting for its VCC sub-fund. The bank will also provide trade execution services.
ICP’s first sub-fund has a projected $250 million of assets under management and was launched under the Umbrella Restricted Singapore VCC structure. This new corporate structure for investment funds, launched by the Monetary Authority of Singapore in 2020, is designed to strengthen Singapore as a funds distribution hub.
Hiral Patel, fund manager and director of Indea Growth Partners VCC said BNP Paribas Securities Services had helped the firm set up its first sub-fund using the VCC structure. “We are delighted to be working with BNP Paribas, whom we selected for their knowledge of the VCC scheme and local expertise in Singapore and India,” he added.
BNP Paribas Securities Services has won a number of mandates this year, mostly within Europe. In October the French bank was mandated by specialist independent wealth manager Van Lanschot Kempen (VLK) to provide custody and other services for €16 billion of its assets.
Meanwhile, earlier this year the bank onboarded a €300 billion custody mandate based in the Eurozone in its first quarter earnings release, but did not disclose the identity of the client. Other mandates have come in sporadically throughout the year including a custody deal with Provinzial Asset Management and a fund administration agreement with Harvest Global Investment.