OCBC unit sells private market feeder funds for US$5m
BANK of Singapore (BOS), a wholly-owned subsidiary of OCBC O39 , has sold all its management shares in 2 private market feeder funds for US$5 million, it said on Tuesday (Mar 1).
The deal will see the buyer - fintech platform iCapital - taking over the management and operation of the bank's private market feeder funds, while BOS retains client servicing responsibilities.
The 2 funds include Straits 01 - Dover VII, formally known as BOS Global Secondary Private Equity Investment, and Straits Private Equity Investment, formally known as BOS Private Equity Fund Investment.
After the transaction, BOS will continue to source, monitor and provide ongoing advice on private market investments to its clients.
Meanwhile, iCapital will become the provider of custom private market funds for the bank's high-net-worth clients.
OCBC noted that the shares held by BOS in the 2 funds were management shares that did not carry any economic rights. Following the completion of the sale, the 2 funds will also cease to be subsidiaries of the bank.
OCBC does not expect the sale will have any material impact on the net tangible assets or earnings per share of the group for the financial year ending Dec 31, 2022.
Share of OCBC closed at S$11.67 on Monday, down S$0.18 or 1.5 per cent.
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