Phillip Capital Group has appointed BNP Paribas Securities Services to service its Singapore-based funds.
Phillip Capital, which holds $30 billion in assets under custody and management, will be able to manage, track and report on funds through the service.
The agreement may also lead to a standardised approach to custody in other locations for Phillip with the firm also working with BNP to launch a fund in Hong Kong.
The latest development comes following June’s news that BNP had unveiled its new augmented custody programme which aims to replicate the global custody account structure at a local custody level.
Its augmented custody programme aims to combine the bank’s local presence and technological developments to offer better access to international markets.
“PCM was one of our first clients and we are proud to have earned their trust over the years and to support their expansion into other Asian markets, said Mostapha Tahiri, head of Singapore, BNP Paribas Securities Services.