Global custodian ABN AMRO Mellon has started 2005 with a hat trick in Asia - opening an office in Singapore, appointing a senior manager and apparently winning three mandates. The hat trick comes as the joint-venture company executes its plan to build on its client base in the region and grow market share.
The Singapore office will be used as a hub from which to explore opportunities in the domestic market and around the region.
Hong Hung Thiam has been appointed business development manager and will work from the Singapore office. Hong's last job was with Deutsche Bank where he was vice president of sales and client relationships.
ABN AMRO Mellon also claims to have won three large institutional global custody mandates in the region since the beginning of the year, with a combined portfolio value of 16 billion euro. No details have been given.
Nadine Chakar, ABN AMRO Mellon's chief executive officer, says the next step in the venture's Asia-Pacific strategy is to, "partner further with ABN AMRO" to leverage their track record in the region.
ABN AMRO Mellon is a 50/50 joint venture providing global custody and related services to clients outside North America. The company brings together ABN AMRO's branch network in emerging markets like Asia and Mellon's technology and product capabilities. Outside of straight custody, its services include compliance monitoring, investment accounting, performance measurement and analytics.