BNP Paribas Securities Services today announced that it has been selected by CSOP Asset Management to provide fund administration services for funds using Singapore’s new Variable Capital Company (VCC) structure.
Launched by the Monetary Authority of Singapore in January 2020, the VCC is a new corporate structure for investment funds designed to strengthen Singapore’s status as a regional fund distribution hub. The new structure allows umbrella and sub-funds, and the option to be open-ended and closed-ended.
With assets under management of USD 6.3 billion[1] (as of December 2019), CSOP is the largest Chinese asset manager to use Singapore’s new corporate fund structure. As part of this mandate, BNP Paribas Securities Services will provide CSOP with custody solutions, fund administration as well as transfer agency services.
The establishment of the VCC represents an important step in CSOP’s continued overseas expansion. CSOP extended its franchise and set up offices in Singapore to develop a family office and external asset management business in Southeast Asia.
BNP Paribas Securities Services provides a comprehensive suite of services for Chinese asset managers’ expansion into new markets, including solutions for private and public funds, traditional and alternative strategies, as well as support for cross-border fund passporting schemes.
Ding Chen, Chief Executive Officer of CSOP Asset Management, said:
“We selected BNP Paribas for its global footprint, One Bank approach to client relationship management and in particular its dedicated support of Chinese asset managers and commitment to Singapore and Asia Pacific. We look forward to building a long-term partnership with BNP Paribas to achieve success in the VCC structure together.”
Mostapha Tahiri, Head of BNP Paribas Securities Services Asia Pacific, said:
“We are delighted to be appointed by CSOP for the launch of the first VCC by a Chinese asset manager. We have a strong track record of supporting clients’ regional and global growth and provide access to APAC Fund Passporting and Mutual Recognition of Funds. The launch of the VCC structure marks an important new phase in the development of Asia’s fund management industry and we are committed to supporting the development of corporate fund structures in Asia Pacific.”
BNP Paribas Securities Services is a multi-asset servicing specialist with local expertise in 35 markets around the world and a global reach covering 90+ markets.
As of 31 December 2019, BNP Paribas Securities Services had USD 11.8 trillion in assets under custody, USD 2.8 trillion in assets under administration and 10,484 funds administered[2].
[1] Source: CSOP’s website
[2] Source: BNP Paribas Securities Services’ website
-Ends-
Press Contact:
Caroline Lumley caroline.lumley@uk.bnpparibas.com +44 (0)20 7410 4650
BNP Paribas Securities Services on Twitter – @BNPP2S
About BNP Paribas Securities Services (securities.cib.bnpparibas)
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
About CSOP Asset Management (www.csopasset.com)
CSOP Asset Management Pte. Ltd. is a wholly owned subsidiary of CSOP Asset Management Limited (“CSOP”), which was then the first offshore subsidiary, established by a Chinese asset management company. With leading ETF business, CSOP has been recognized as professional China solution provider in the industry, and has been expanding its global footprint. We are devoted to the mission of Investment Made Easy by providing innovative products and investment structures to serve our global investors.