BNP Paribas Securities Services (BNP Paribas), a global custodian with around USD8 trillion in assets under custody, today announced that it has been mandated by Hwang Investment Management (HwangIM) to provide services to four UCITS funds.
HwangIM, the largest independent asset manager in Malaysia has appointed BNP Paribas for global custody around their flagship Asian Series portfolio*, expected to launch in January 2014, as well as fund administration, transfer agency, investment risk and performance reporting and trustee services. HwangIM selected UCITS because of the ease of access to multiple markets created by the harmonised UCITS framework.
Following a competitive tender, BNP Paribas secured the mandate based on its “Asia client window”, a client-service framework through which it delivers its complete suite of investor services locally. Distributors have access to trade services and local support during Asian working hours via BNP Paribas’ Singapore window, while the bank’s local team leads the client service relationship and can instruct other de-localised client-service teams on best practices for Asian clients.
Esther Thye, Chief Sales Officer, Hwang Investment Management said, “We selected BNP Paribas based on their expertise in cross-border fund distribution. We believe their solutions would give us a competitive edge that would help to underpin our expansion plans in Asia and Europe. I am very pleased with this strategic partnership.”
“BNP Paribas is doing its utmost to introduce innovation into the servicing relationship between custodian and client. Through events such as their Asset Manager Selection Day**, we have been able to meet European distributors with whom we have significantly aligned interests. We look forward to working with BNP Paribas.”
Mostapha Tahiri, head of BNP Paribas Securities Services Singapore, who is also the bank’s Asia head of asset and fund services said, “We are delighted that HwangIM has appointed us. Today, around 24% of UCITS funds are distributed outside Europe, mainly in Asia, and Hwang joins a growing number of South East Asian asset managers using our Singapore client window for a full suite of services including UCITS distribution support.
“Our local team of specialists work closely with their European counterparts to build a strong East-West industry knowledge base, and we look forward to helping HwangIM to advance their distribution abroad.”
* The four sub funds in the Hwang Select Asia portfolio :
Hwang Investment Management Asian Series – Select Asia Opportunity Fund
Hwang Investment Management Asian Series – Select Asia Quantum Fund
Hwang Investment Management Asian Series – Select Income Fund
Hwang Investment Management Asian Series – Select Bond Fund
** BNP Paribas Securities Services’ Asset Manager Selection Day events offer a unique networking opportunity with a view to helping asset managers meet today’s global distribution challenges. The events bring together fund managers from Asia, Latin America and North America and distributors from Europe, as well as institutional clients and boutique asset managers interested in diversifying their asset allocation.
Jonathan Taylor, BNP Paribas Securities Services +44 207 410 3242
Lilian Goh, BNP Paribas Asia Pacific +852 2909 8813 Lilian.firstname.lastname@example.org
Christine Chan, BNP Paribas Asia Pacific +852 2909 8847 Christine.email@example.com