Bermuda Trust (Singapore), a wholly-owned subsidiary of Bank of Bermuda and United Overseas Bank, have formed a 50/50 joint-venture company in Singapore called Asia Fund Services (AFS).
The new company will provide automated unit holder registration services to fund managers in Singapore, with plans to extend the service to the rest of Asia.
The joint venture builds on already well-established operations that both firms have in Singapore. Bermuda Trust is one of the top fund administrators, while the United Overseas Bank Limited is one of the leading banks.
The software for AFS is an end-to-end unit trust system that automates the entire transfer agency and registry functions.
It is completely web-enabled, tailored to meet the requirements of the fund management and life insurance industries, and specifically Singapore's Central Provident Fund (CPF).
'The needs of retail investment scheme managers in Singapore have become more sophisticated over the past five years, as have the needs of their clients,' said Nigel Stead, managing director of Bermuda Trust in Singapore.
'We believe this product does much to satisfy the increasing demands of distributors, including newly-regulated independent financial planning companies, who wish to outsource their often complex data requirements to suppliers who can provide them with a solution that is both cost-effective and scalable,' he added.
Initially, the new company will process 220,000 transactions pa, servicing existing clients of both companies which consist of approximately 250,000 individual investors. The platform will become fully operational in January.
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