Singapore multi-family office links up with BNP Paribas

By Annabelle Liang, 12 Mar 2020

Singapore’s Kamet Capital Partners has given BNP Paribas Securities Services a mandate under the Variable Capital Companies framework.

With the mandate, BNP Paribas will provide the multi-family office with fund administration and global custody services in Singapore.

Kamet was among the first adopters of Singapore’s VCC framework that was launched in January.

The Kamet Long Term Capital Fund, which is designed to be less volatile and grow capital over the long-term, was incorporated under it.

The fund invests 70% of its portfolio in public securities and 30% in alternatives and private investments.

It was down 2% with an annualised volatility of 7% during the period of 24 February to 10 March, when investors grew increasingly fearful of the Covid-19 spread and market gyrations.

The MSCI World index, meanwhile, lost 14% with 48% annualised volatility.

The fund will be seeded with over SGD 100m ($71.6m) from family office clients, said co-founder and CEO Kerry Goh.

Kamet manages the assets of four families. It has a capital markets services licence for fund management, allowing it to manage assets beyond the SGD 250m ($179.1m) threshold.

Goh said: ‘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.’

Kamet’s VCC portfolio is nearly flat in the year-to-date. It is watching indicators such as the high yield CDS spread closely, and looking to add positions through unwinding some hedges.

Liang, A. (2020, March 12). Singapore multi-family office links up with BNP Paribas. Retrieved March 16, 2020, from paribas/a1333506?ref=international_Asia_latest_news_list

Further reading from Kamet capital