State Street Corporation has launched its transfer agency operations in Taiwan with Sunny Yang as head of operations.
The Taipei branch will provide transfer agency services on a business process outsourcing basis to Securities Investment Trust Enterprise, a fund management company that offers public funds for local domiciled funds.
Yang has 15 years of experience in transfer agency and fund administration in Taiwan. Yang will oversee day-to-day operations including the resource of management of teams involved with client servicing and the monitoring of operational risk and regulatory framework.
Paul O’Neil, managing director of Asian operations for State Street’s international financial data services, says: “Taiwan is an important emerging market in the Asia-Pacific region.”
“By increasing our presence in the region, we will further enhance our support of domestic and cross-border products to our existing and prospect clients.”
The transfer agency services can be used as a full suite of fund and securities services together with fund accounting and custody services.
Ilona Chen, general manager and head of State Street Global Services Taiwan, says: “We see great potential for the transfer agency business here given that Taiwan is the source of the majority of assets coming into UCITS products in the region.”
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