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Phillip Capital consolidates Singapore fund business with BNP Paribas Securities Services
Phillip Capital consolidates Singapore fund business with BNP Paribas Securities Services
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Phillip Capital consolidates Singapore fund business with BNP Paribas Securities Services

22/07/2016

Phillip Capital Group, an Asian financial services provider which has approximately USD 30 billion in assets under custody and management, has appointed BNP Paribas Securities Services to service its Singapore-based funds. BNP Paribas Securities Services is a global custodian with USD 9 trillion in assets under custody.

Phillip Capital Management (S) Pte Ltd (PCM) has migrated its largest SGD money market fund to BNP Securities Services Singapore. This will help the company enhance operational efficiency and fulfil its regulatory requirements. For example, the company will be able to manage, track and report on its funds in a consistent and timely fashion.

The long-term benefits will enable a standardised and scalable approach to custody services being extended into other locations for PCM. Phillip Capital Management (HK) Ltd is also working with BNP Paribas Securities Services to launch a fund in Hong Kong.

Jeffery Lee, Managing Director and co-CIO, Phillip Capital Management (S) Pte Ltd said: “We continually seek to offer leading products to our clients in Asia and therefore require high levels of scalability and operational efficiency to service our clients. The long-term partnership with BNP Paribas Securities Services allows us to focus on our core business in the major investment markets in which we operate.”

Mostapha Tahiri, Head of Singapore, BNP Paribas Securities Services, commented: “PCM was one of our first clients and we are proud to have earned their trust over the years and to support their expansion into other Asian markets.

“We have now grown to become one of the leading service providers for Singapore Collective Investment Scheme fund administration and custody services. We are committed to enhancing our service and providing operational efficiency so that our clients can continue to grow their business across the region.”

 

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