Standard Chartered and iFAST Singapore have launched iFAST’s first authorised Variable Capital Companies (VCC) fund.
The CNH Fund, one of the first retail VCC funds to be launched in Singapore, will be the first to offer a T+0 settlement for investors.
Standard Chartered has been appointed the sole global custodian of the CNH Fund. The fund will be offered exclusively to investors through iFAST’s Auto-Sweep Account.
The cash management solution will offer investors a yield above CNH term deposits as well as same-day liquidity.
Launched in 2020 by the Monetary Authority of Singapore and the Accounting and
Corporate Regulatory Authority, the VCC is an added corporate structure for investment
funds and is designed to provide greater operational flexibility and cost savings for global fund managers establishing new funds or redomiciling their existing overseas funds to Singapore.
Catering to both traditional and alternative strategies, as well as open-ended and closed-ended funds, the framework aims to enhance Singapore’s position as an international fund management and domiciliation hub.
Since the launch of its Singapore dollar Auto-Sweep Account, iFAST has seen its assets under management grow at a rapid pace and iFAST expects its Auto-Sweep CNH Account to
gain popularity with investors.
Investors can also use its Auto-Sweep CNH account to transact in CNH-denominated products on its platform such as stocks, exchange traded funds and unit trusts.
iFAST Singapore holds a Capital Markets Services Licence and is a CPF Investment Scheme
(CPFIS)-registered investment administrator.
The company provides investment solutions to financial advisers, financial institutions, insurance companies, pension fund managers, retail and accredited investors and multi-national companies.
iFAST Singapore is the Singapore business operation of iFAST Corporation, which is listed on the SGX Mainboard and present in Malaysia, Hong Kong, China and the UK.
Lim Chung Chun, CEO of iFAST Corporation, says: “Standard Chartered has been a long-standing partner of the iFAST group over the years. We are delighted that Standard Chartered shares our vision and plans for our VCC funds platform business and we look forward to their continued support for future fund launches.”
Francois Verlaine, regional head, financing and security services, ASEAN and South
Asia at Standard Chartered, comments: “We are very excited to work with iFAST to launch their first authorised VCC money market fund for investors in Singapore. This is made possible because of the mutual trust and understanding between both organisations built over the years, and iFAST’s decision to have Standard Chartered partner it for this inaugural launch is testament to the Bank’s capabilities in our fund solutions.”
