State Street has launched transfer agency operations in Taiwan and has appointed Sunny Yang as head of the Taiwan transfer agency operations based in Taipei.
Yang comes to State Street with 15 years of experience in transfer agency and fund administration in Taiwan, most recently working at Allianz Global Investors Taiwan, and will report directly to Euan McLeod, head of transfer agency for the Asia Pacific region, based in Hong Kong.
In addition to providing distribution support in Taiwan to offshore funds, the new branch provides transfer agency services on a Business Process Outsourcing (BPO) basis to Securities Investment Trust Enterprises (SITEs) registered in Taiwan, which are fund management companies offering public funds for local domiciled funds.
McLeod says he sees great potential in Taiwan for both the domestic SITE business and offshore funds, and the firm decided to establish domestic transfer agency operations at a time when State Street already provides distribution support to offshore funds being distributed into Asia, including Taiwan, thus facilitating the need for a local branch.
Ilona Chen, general manager and head of State Street Global Services Taiwan, adds, “We see great potential for the transfer agency business here given that Taiwan is the source of the majority of assets coming into UCITs products in the region.”
In regards to the challenges of entering a new market, McLeod says, “Taking an existing product of any kind and launching it into a new market always presents a level of challenge. These challenges can range from understanding the local language and the operating processes of the target locations. We have a presence in many locations in the APAC region, and we find that understanding how the local market works, the cultural identities of the markets and customer behavior are critical in entering and achieving success in a new market.”
State Street’s transfer agency services include investor registration, trade processing, allocation of units to investors, cash management and reconciliation, regulatory support such as FATCA and local regulations and Know Your Customer (KYC) services, as well as an interface with the Taiwan Depository & Clearing Corporation (TDCC) platforms. Asset managers can also bundle the transfer agency services with fund accounting and custody services.
State Street Launches Transfer Agency Operations in Taiwan
State Street has launched transfer agency operations in Taiwan and has appointed Sunny Yang as head of the Taiwan transfer agency operations based in Taipei.
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