Saturday, 15 June 2024

Standard Chartered sets up first global fund management entity in Singapore

5 min read

Standard Chartered Bank has incorporated its first variable capital company (VCC) in Singapore, Standard Chartered Funds VCC (SC Fund), offering clients exclusive investment strategies.

The bank will partner with and appoint the industry’s leading global fund managers as sub-investment managers. The collaboration harnesses synergies between the industry’s leading fund managers and the bank’s team of global asset class specialists to deliver hard-to-access custom-curated investment strategies exclusively to the bank’s clients. This approach complements and aligns to the bank’s open architecture framework of selecting best-in-class solutions from a range of fund managers and across different asset classes.

Underpinning the process of SC Fund is the bank’s team of investment professionals – fund selectors and investment managers – located across multiple geographies and bringing with them the breadth and depth of experience in manager selection. The team’s manager selection process is robust, following a comprehensive due diligence process to identify strategies that aim to deliver consistent outperformance over time.

The series of funds to be launched under SC Fund leverages the deep expertise of leading sub-investment managers, handpicked by the bank’s team of investment professionals, who will be responsible for investment decisions and day-to-day management of the portfolio.

Aligned to the bank’s investment advisory for diversification with core holdings, funds to be launched will advocate a long-term strategic asset allocation as part of a client’s foundation portfolio. In the initial phase, the funds will be exclusively available to the bank’s high-net-worth clients, with Accredited/Professional investor status, in the bank’s priority, priority private and private segments in Singapore, Hong Kong and Dubai.

Patrick Lee, CEO for Singapore and ASEAN, Standard Chartered, and chair of SC Fund, said: “Singapore is a critically important market for Standard Chartered, with the bank’s global businesses based here. Setting up the bank’s first global VCC in Singapore underscores our commitment to build on the country’s position as a leading regional and global wealth hub. Through SC Fund, we will be able to issue and manage innovative and relevant fund solutions for our global affluent clients in key markets across Asia, Africa and the Middle East, right here from Singapore.”

Samir Subberwal, global head, wealth solutions, deposits and mortgages, and chief client officer, Standard Chartered, said: “As a leading international wealth manager in Asia, we always endeavour to bring unique and exclusive solutions to our clients as they manage and grow their wealth. We are constantly innovating to expand our suite of wealth solutions, bringing along our wealth expertise, strong heritage and extensive network presence in our footprint markets. We are delighted to offer the first solution under SC Fund to high-net-worth clients in Singapore, Hong Kong and Dubai, and look forward to extending the same offering to clients in other key markets very soon.”

 Re-disseminated by The Asian Banker

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