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Phillip Capital appoints BNP Paribas Securities to service its Singapore funds
PHILLIP Capital Group has appointed BNP Paribas Securities Services to service its Singapore-based funds as part of its bid to fulfil regulatory requirements.
Phillip Capital, which has US$30 billion in assets under custody and management, said Phillip Capital Management (S) Pte Ltd (PCM) has already migrated its largest SGD money market fund to BNP Securities Services Singapore.
"This will help the company enhance operational efficiency and fulfil its regulatory requirements. For example, the company will be able to manage, track and report on its funds in a consistent and timely fashion," the financial services provider said.
The long-term benefits will enable a standardised and scalable approach to custody services being extended into other locations for PCM. Phillip Capital Management (HK) Ltd is also working with BNP Paribas Securities Services to launch a fund in Hong Kong.
Jeffery Lee, managing director and co-CIO, Phillip Capital Management (S) Pte Ltd, said the partnership with BNP Paribas Securities Services will allow the group to "focus on our core business in the major investment markets in which we operate".