Bermuda, UOB form transfer agency JV

Asia Fund Services will initially cover Singapore but Bank of Bermuda may consolidate its regional TA business into it.

Bermuda Trust, a wholly owned subsidiary of Bank of Bermuda, and United Overseas Bank UOB have formed a joint venture company, Asia Fund Services, to handle transfer agency services for fund managers in Singapore - and ultimately the rest of Asia.

We both had technology that was getting tired and needed to be refreshed, and we both realized how important the transfer agency piece is in a fund manager's value chain, explains Paul Smith, global head of funds services, Bank of Bermuda's fund administration division.

Fund management, particularly for retail customers, has become less about performance and more about service, Smiths says. The TA handles registration, so a customer buying XYZ...

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