Schroders hires Dexia for Singapore TA

Dexia picks up the registrar business and sees more ahead as global funds are increasingly brought onshore.

Schroder Investment Management has outsourced its registration business also known as transfer agency, or TA in Singapore to Dexia Fund Services for 42 local unit trusts with 40,000 investor accounts and 27 offshore funds. A local registrar, Barbinder, lost the business.

Last year Singapore's authorities allowed global fund managers to register offshore funds to access Central Provident Fund account monies, prompting Schroders and other firms to begin consolidating their existing onshore product line into a single range.

We're seeing some local products disappear, says Scott McLaren, deputy managing director at Dexia in Singapore. We support Schroders in Luxembourg so this was a natural move for them....

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