Chartered Asset Management (CAM) has appointed Northern Trust to provide its custody, fund administration, foreign exchange and cash management services. The services will be utilised for CAM’s three funds known as variable capital companies (VCCs).
Established in 1994, CAM is a fund manager based in Singapore. It is one of the 18 selected fund managers included in the 2019 VCC Pilot Programme, established by the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority.
The programme allowed fund managers to constitute their investment funds as VCCs. CAM utilises the VCC framework, and redomiciled its funds from Mauritius to Singapore.
Northern Trust’s Global Fund Services provide fund administration, depositary, global custody, investment operations outsourcing and data solutions to global investment managers – supporting a range of investment strategies across all asset classes.
In Singapore, it includes the servicing of VCC fund structures launched as standalone Singapore funds or umbrella structures with Singapore domiciled sub-funds.
Colin Lee, managing director of CAM, says: “Northern Trust’s deep industry expertise, presence in the Asia-Pacific region, client-centric approach and service-oriented values align with our mission. Appointing Northern Trust underscores the strategic and cultural alignment between our organisations.”
Yen Leng Ong, head of Southeast Asia at Northern Trust, comments: “We’re delighted to be working with CAM and supporting its three VCCs. The demand for this type of fund structure continues to increase and Northern Trust is well placed to support asset and wealth managers looking to utilise this structure, domiciling funds in Singapore.”
