State Street has gained regulatory approval to expand its trust services in Singapore to institutional clients.
The Monetary Authority of Singapore (MAS) granted a trust business license to State Street, enabling the Boston-based global custodian to act as a trustee for collective investment schemes offering to institutional investors, and restricted schemes offered to accredited investors.
State Street was previously permitted to provide trustee services to only Singapore-authorised, retail-only, collective investment schemes.
“Singapore has a large and rapidly growing wealth management and banking industry and demand for restricted collective investment schemes is expected to continue to increase,” said Syed Asim Hasan, head of global services for South East Asia, State Street.
“With a full trustee servicing capabilities and our comprehensive front-, middle- and back-office services, we are excited to support asset managers’ growth in the retail, high-net-worth and institutional segments in Singapore.”
Since establishing an office in Singapore in 1997, State Street currently provides a full range of middle- and back-office services including investment recordkeeping, post-trade management, custody, fund accounting, fund administration and transfer agency.