BNP Paribas Securities Services has today announced it has been chosen by CSOP Asset Management to provide fund administration services for funds using Singapore's new Variable Capital Company (VCC) structure.

Launched by the Monetary Authority of Singapore in January 2020, the VCC is a new corporate structure for investment funds designed to strengthen Singapore's status as a regional fund distribution hub. The new structure allows umbrella and sub-funds, and the option to be open-ended and closed-ended.

BNP Paribas Securities Services notes that the establishment of the VCC represents an important step in CSOP's continued overseas expansion. CSOP extended its franchise and set up offices in Singapore to develop a family office and external asset management business in Southeast Asia.

CSOP is the largest Chinese asset manager to use Singapore's new corporate fund structure. As part of this mandate, BNP Paribas Securities Services will provide CSOP with custody solutions, fund administration as well as transfer agency services.

Ding Chen, Chief Executive Officer of CSOP Asset Management, said: "We selected BNP Paribas for its global footprint, One Bank approach to client relationship management and in particular its dedicated support of Chinese asset managers and commitment to Singapore and Asia Pacific. We look forward to building a long-term partnership with BNP Paribas to achieve success in the VCC structure together."

Mostapha Tahiri, Head of BNP Paribas Securities Services Asia Pacific, said: "The launch of the VCC structure marks an important new phase in the development of Asia's fund management industry and we are committed to supporting the development of corporate fund structures in Asia Pacific."

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BNP Paribas Securities Services has today announced it has been chosen by CSOP Asset Management to provide fund administration services for funds using Singapore's new Variable Capital Company (VCC) structure.

Launched by the Monetary Authority of Singapore in January 2020, the VCC is a new corporate structure for investment funds designed to strengthen Singapore's status as a regional fund distribution hub. The new structure allows umbrella and sub-funds, and the option to be open-ended and closed-ended.

BNP Paribas Securities Services notes that the establishment of the VCC represents an important step in CSOP's continued overseas expansion. CSOP extended its franchise and set up offices in Singapore to develop a family office and external asset management business in Southeast Asia.

CSOP is the largest Chinese asset manager to use Singapore's new corporate fund structure. As part of this mandate, BNP Paribas Securities Services will provide CSOP with custody solutions, fund administration as well as transfer agency services.

Ding Chen, Chief Executive Officer of CSOP Asset Management, said: "We selected BNP Paribas for its global footprint, One Bank approach to client relationship management and in particular its dedicated support of Chinese asset managers and commitment to Singapore and Asia Pacific. We look forward to building a long-term partnership with BNP Paribas to achieve success in the VCC structure together."

Mostapha Tahiri, Head of BNP Paribas Securities Services Asia Pacific, said: "The launch of the VCC structure marks an important new phase in the development of Asia's fund management industry and we are committed to supporting the development of corporate fund structures in Asia Pacific."