State Street Corporation gets new trust business license

It will now able to act as a trustee for collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors.

Financial services firm State Street Corporation has been granted a trust business license from the Monetary Authority of Singapore (MAS) to expand its trustee capabilities in Singapore, an announcement revealed.

The firm provides trustee services to Singapore-authorised, retail-only, collective investment schemes. With this new license, State Street will be able to act as a trustee for collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors.

“Since we launched our trustee and transfer agency services in Singapore four years ago, we have established relationships with a number of asset managers,” said Syed Asim Hasan, head of Global Services for South East Asia at State Street. “Singapore has a large and rapidly growing wealth management and banking industry and demand for restricted collective investment schemes is expected to continue to increase.”

State Street established its office in Singapore in 1997 and provides middle-and back-office services such as investment recordkeeping, post-trade management, custody, fund accounting, fund administration and transfer agency.