Avanda is overseeing a $3.8 Billion mandate via a Monetary Authority of Singapore program.
Northern Trust officials say the custodian bank has expanded its fund services relationship with Avanda Investment Management and will be supporting Avanda’s implementation of the mandate granted by the Monetary Authority of Singapore (MAS).
The MAS is Singapore’s central bank and integrated financial regulator, and it works with the financial services industry to develop Singapore as an international financial center.
The mandate is part of the Equity Market Development Program (EQDP), a S$5 billion (approximately US$3.8 billion) initiative intended to strengthen “Singapore’s asset management and research ecosystem,” officials say.
“Under the EQDP, MAS will invest in strategies managed by Singapore-based asset managers that have a strong focus on Singapore-listed equities and broaden investor participation beyond large-cap stocks. MAS seeks to partner with asset managers that demonstrate a strong track record and proven investment capabilities, and are committed to meeting developmental outcomes to grow investment and research capabilities in Singapore,” according to MAS officials.
“Northern Trust will provide investment operations outsourcing, fund administration, and investment risk and analytical services,” officials say. The expansion builds upon a relationship with Avanda begun in 2015. “Northern Trust supports Avanda’s full range of funds with the above services as well as custody, foreign exchange, and securities lending.”
The Avanda strategy via its EQDP mandate “aims to enhance investor access to Singapore-listed equities and contribute to the development of the local capital market. Avanda was selected as one of the first asset managers under EQDP, which is jointly administered by MAS and the Financial Sector Development Fund,” officials say.
Northern Trust’s Global Fund Services offers a suite of asset servicing solutions, including fund administration, global custody, investment operations outsourcing, and data solutions, that support a variety of complex investment strategies across the full spectrum of asset classes, officials say.
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