US asset manager State Street has obtained a license from the Monetary Authority of Singapore to expand its trust services in the market.

The new license will allow the US fiduciary bank to act as a trustee for collective investment schemes offered to institutional investors and restricted schemes offered to qualified investors.

Previously, it provided fiduciary services only to collective investment schemes licensed in Singapore and restricted to individuals.

Singapore has a large and rapidly growing banking and wealth management industry and the demand for restricted collective investment schemes is expected to continue to increase. ”

It has been operating in Singapore since 1997.

The company offers a range of services in the city-state, such as investment record keeping, post-trade management, custody, fund accounting, fund administration and transfer agency.

Syed Asim Hasan, State Street Global Services Manager for South East Asia, said: “Since we launched our fiduciary and transfer agency services in Singapore four years ago, we have established relationships with a number of asset managers.

“To build on the success of the service, we are delighted to now expand our range of capabilities to meet the evolving needs of asset managers across the country.

“Singapore has a large and rapidly growing banking and wealth management industry and the demand for restricted collective investment schemes is expected to continue to increase. “

State Street had $ 32.6 billion in assets in custody and under administration and $ 2.8 billion in assets under management at the end of March.

The bank operates in more than 100 markets and employs around 40,000 people worldwide.

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