UBS Global Asset Management, the asset manager and fund administration provider, said it is to develop âon-the-groundâ services in the Asia-Pacific (Apac) region in response to client requests. The firm said the move will also help it capture the regionâs growth potential.
Apac clients are currently served from the Cayman Islands and Ireland, but in the coming months, the manager, which had £367bn (€423bn) under management at September 30, will establish a business development and client service office in Hong Kong and a full-service administration centre in Singapore, where UBS Global already has an operational presence.
Both offices will provide business development and client services to fund administration clients in the Asia Pacific region. In addition, a full range of fund administration services will be offered from Singapore, from fund set-up and distribution support, to net asset value calculation and reporting.
Darren Stainrod will be responsible for the APAC fund services unit, with immediate effect, in addition to his Americas business role. The business development teams will be integrated in the global business development, client relationships and marketing organisation, reporting to André Valente. In addition, Michael Moore, head of operations for global asset management in APAC, will be responsible for the operational setup, based in Singapore.
A spokesman said: “The moves will also position us strongly to capture the tremendous growth potential in the region, as Hong Kong and Singapore emerge as the fund administration offshore hubs for mainland China and South-East Asia respectively.”
©2010 funds europe