Standard Chartered launches a new trustee services arm in Singapore.

Standard Chartered has bolstered its Singapore global custody and fund services business by adding a new trustee-focused arm.

The move is part of the bank's global expansion strategy for its fund trustee and depositary capabilities, which encompass nine markets like Hong Kong, Malaysia, Luxembourg, South Africa and Uganda. With the announcement, the company now offers a full range of services to include fund administration, fund trustee, custody and cash management for fund managers looking to offer authorised funds in the city-state. 

"With the upcoming ASEAN Fund Passport, Singapore, which provides the benefit of clear regulatory and tax rules, will be an excellent base for fund managers to market their funds to ASEAN investors," said Margaret Harwood-Jones, global segment sponsor for investors and intermediaries, in a statement.

Fund managers based in Singapore are expecting to capitalise further on Asia's growth prospects, what with the anticipated launch of the Collective Investment Schemes from the ASEAN and the Asia-Pacific Economic Cooperation Funds Passport, both of which aim to boost Singapore's status as premier financial hub in the region and the world.