Standard Chartered Malaysia Wins Mandate for First Shariah ASEAN Passport Fund

Standard Chartered Malaysia has been mandated to be trustee for a newly launched Maybank Bosera Greater China ASEAN Equity-I Fund, the first Shariah-compliant ASEAN Passport Fund.
By Joe Parsons(2147488729)
Standard Chartered Malaysia has been mandated to be trustee for a newly launched Maybank Bosera Greater China ASEAN Equity-I Fund, the first Shariah-compliant ASEAN Passport Fund.

The fund was launched by the subsidiary of Maybank Asset Management Group in April this year with the aim of providing an investment fund for Shariah-compliant assets for investors in Malaysia, Singapore and Thailand.

The Islamic wealth management market is currently valued at over $60 billion in assets under management, and is expected to reach $77 billion by 2017.

“In today’s dynamic investment landscape, investors looking to invest outside of their home markets want the assurance of partnering experienced institutions such as Maybank and ourselves,” says Margaret Harwood-Jones, head Investors & Intermediaries, Transaction Banking, at Standard Chartered.

“We are confident of meeting these needs with our comprehensive securities services offering across trustee, custody and fund services that provides a localised one-stop single touch model for our clients in Malaysia.”

Under the terms of the mandate, Standard Chartered Malaysia will provide fund servicing solutions that include global trustee services and Islamic banking solutions.

“The ASEAN Passport Fund scheme is a boon for Maybank AM because it facilitates greater cross-border offerings of funds, allowing us to easily reach beyond domestic borders. With greater adoption of this scheme, we anticipate significant growth in such retail funds over the next few years,” adds Nor’ Azamin Salleh, CEO of Maybank Asset Management Group.

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