By BNP Press Release, 11 Mar 2020
BNP Paribas Securities Services today announced that it has been appointed by Kamet Capital Partners, one of the first fund managers to use Singapore’s new Variable Capital Company (VCC) structure.
Kamet Capital Partners was established in 2017 as a family office and is a Capital Markets Services’ licenced firm, regulated by the Monetary Authority of Singapore. As part of this mandate, BNP Paribas Securities Services will provide Kamet with Fund Administration and Global Custody services in Singapore.
The Variable Capital Companies Act came into force in January 2020. This new corporate structure for investment funds, launched by the Monetary Authority of Singapore, is designed to strengthen Singapore’s status as a regional fund distribution hub.
BNP Paribas Securities Services has supported cross-border schemes for many years and helps fund managers to navigate the complexities of the many fund distribution schemes across Asia and globally.
Kerry Goh, Chief Executive Officer of Kamet Capital Partners, said: “We spent time understanding the services of many fund administrators and custodians before coming to a decision. We selected BNP Paribas Securities Services for its attention to client needs and willingness to grow alongside Kamet. We are pleased to partner with a leading global custodian that supports our growth and that can help us navigate as a pioneer fund in the VCC programme.”
Diana Senanayake, Head of BNP Paribas Securities Services Singapore, said: “We are delighted to be appointed by Kamet Capital and to support such an innovative manager in its plans to use the VCC. This demonstrates our team’s strength supporting our clients’ international growth from Singapore. We have been the first to support clients in accessing many of the newly created schemes across the region, including the mutual recognition of funds schemes between Asia and Europe. Our innovative cross-border solutions for banks and the Stock Connect schemes, for example, are award winning.”
BNP Paribas Securities Services is a multi-asset servicing specialist with local expertise in 35 markets around the world and a global reach covering 90+ markets.
As of 31 December 2019, BNP Paribas Securities Services had USD 11.8 trillion in assets under custody, USD 2.8 trillion in assets under administration and 10,484 funds administered.
Source: BNP Paribas Securities Services’ website
BNP Paribas Securities Services wins VCC mandate from Kamet Capital. (2020, November 3). Retrieved from https://securities.bnpparibas.com/news/bnpp-wins-vcc-mandate.html
