BNP Paribas Securities Services, a global custodian with USD 9.5 trillion in assets under custody, today announced that it has been appointed by Maybank Asset Management Singapore (Maybank AM Singapore) to provide fund servicing solutions including global custody, fund administration, reporting, and trustee services.
The appointment comes as Maybank AM Singapore prepares to launch a range of funds compliant with the new standards defined by the Standards of Qualifying Collective Investment Scheme framework, better known as the “ASEAN* Funds Passport scheme”.
The ASEAN Funds Passport scheme is a set of common standards formally agreed in 2013 by the Monetary Authority of Singapore, the Securities Commission of Malaysia, and the Securities and Exchange Commission of Thailand to facilitate the cross-border offering of collective investment schemes to retail investors in the three countries (“Passport member countries”). Funds that meet such requirements will be qualified for the Passport and will be able to offer their funds directly to retail investors under a more streamlined approach in the Passport member countries.
Nor’ Azamin Salleh, CEO of Maybank Asset Management Group Berhad, with USD3.8 billion assets under management** commented: “We are collaborating with BNP Paribas to customise a set of fund servicing solutions that meets our cross-border distribution requirements under the ASEAN Funds Passport scheme. BNP Paribas’ strong presence in Singapore and local expertise make it a suitable partner for us as we need quick time-to-market solutions to significantly expand the distribution reach of our innovative range of funds across South East Asia.”
Mostapha Tahiri, head of BNP Paribas Securities Services Singapore, said: “We are delighted that Maybank AM Singapore has selected us to support their ASEAN ambitions. As a strategic partner, we want to help Maybank AM Singapore to harness the opportunities arising from the ASEAN Funds Passport scheme. We have further extended our range of award-winning solutions to RQFII and shariah-compliant funds, which should benefit from the strong cross-border inflows under the scheme.
“The ASEAN Funds Passport scheme is one of several new mutual recognition frameworks that will facilitate greater cross-border offerings of funds. We are anticipating significant growth over the next five years and are actively working with local regulators to define the future of funds distribution in the region.”
In addition to this deal, Maybank Group’s securities services arm is working on a joint custody solution with BNP Paribas and Maybank Asset Management for the ASEAN Funds Passport scheme. BNP Paribas Securities Services is committed to supporting and developing the growth in cross-border fund distribution within the investment management industry.
*Association of Southeast Asian Nations (ASEAN)
**as at 31 July 2014
About BNP Paribas
BNP Paribas has a presence in 75 countries with more than 180,000 employees, including more than 140,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia-Pacific.
About BNP Paribas Securities Services
BNP Paribas Securities Services (http://securities.bnpparibas.com), a wholly-owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider backed by the strength of a universal bank. It provides integrated solutions to all participants in the investment cycle including the buy-side, sell-side, corporates and issuers. Covering over 100 markets, with our own offices in 34 countries, the BNP Paribas network is one of the most extensive in the industry. We bring together local insight and a global network to enable clients to maximize their market and investment opportunities worldwide. Key figures as of 30 June 2014: USD 9.5 trillion assets under custody, USD 1.5 trillion assets under administration, 7,067 administered funds and 8,225 employees