State Street says it is servicing nearly two thirds of the Securities Investment Trust Enterprise (SITE) collective investment funds market in Taiwan. The Boston-based bank claims that, at 31 August 2004, it was supplying investment services – including fund accounting and custody – to 60 per cent of the SITE funds in Taiwan.
In the past six months State Street has added 14 new mandates to service SITE funds, bringing the total to 28 new mandates in the last 18 months. The most recent wins were from Allianz Dresdner Asian Pacific Dynamic Strategy Fund; Fuh-Hwa Global Balanced Fund; Polaris Global Short Duration Diversified Bond Fund; and Prudential Financial Global Selection Fund.
“We have very high expectations when it comes to choosing the right partner for servicing our funds,” says Frank Klausfelder, general manager of Allianz Dresdner Asset Management Taiwan Ltd. “State Street’s professional and state-of-the-art services were again the convincing factors for us to further expand our relationship.”
SITE funds, aimed at collecting investment funds from the public, were established in 1983 in order to provide an investment channel for small investors and to introduce more sophisticated investment behaviour to the Taiwanese securities markets.
“A key to our success with the SITE funds has been our proven expertise in servicing complex investment vehicles coupled with our local operations,” says Chong-Jin Leow, senior vice president and head of State Street Investment Services for Asia, excluding Japan. “Since first establishing our office here in 1992, we have become a market leader largely due to the expertise of our team in Taipei and our dedication to going above and beyond for our clients.”