London-based Standard Chartered has formed a global fund management entity in Singapore to serve its high net worth clients in Asia and the Middle East.
Standard Chartered has incorporated its first variable capital company in Singapore, according to a statement. Standard Chartered Funds VCC (SC Fund) will partner with global asset managers and sub-investment managers to launch a series of funds after undergoing a manager selection process led by the bank’s team of fund selectors.
«Singapore is a critically important market for Standard Chartered, with the Bank’s global businesses based here,» said Patrick Lee, Standard Chartered’s Singapore and ASEAN CEO as well as SC Fund’s chair. «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.»
HNW Clients
According to Standard Chartered, the funds will be exclusively available in the initial phase to the bank’s high net worth clients in Singapore, Hong Kong and Dubai across its various segments from affluent to private banking.
«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,» added Samir Subberwal, global head, wealth solutions, deposits and mortgages as well as chief client officer.
