Standard Chartered Bank has established its first variable capital company (VCC) company in Singapore, named Standard Chartered Funds VCC (SC Fund). The new corporate entity will enable the bank to launch a series of funds to allow its clients exclusive access to hard-to-access custom-curated investment strategies.
Under the VCC, Standard Chartered will partner with and appoint leading global fund managers as sub-investment managers. Underpinning the process of the fund is the bank’s team of fund selectors and investment managers.
According to Standard Chartered, the approach complements and aligns to the bank’s open architecture framework of selecting best-in-class solutions from a range of fund managers and across different asset classes.
The series of funds to be launched under the new entity will advocate a long-term strategic asset allocation as part of a client’s foundation portfolio. In the initial phase, the funds will be available only to the bank’s high-net-worth clients with accredited and professional investor status within its priority, priority private and private segments in Singapore, Hong Kong and Dubai.
“Singapore is a critically important market for Standard Chartered, with the bank’s global businesses based here. Setting up the bank’s first global VCC in Singapore underscores our commitment to build on the country’s position as a leading regional and global wealth hub. Through SC Fund, we will be able to issue and manage innovative and relevant fund solutions for our global affluent clients in key markets across Asia, Africa and the Middle East, right here from Singapore,” says Patrick Lee, CEO for Singapore and Asean, Standard Chartered and chair of the SC Fund.
“As a leading international wealth manager in Asia, we always endeavour to bring unique and exclusive solutions to our clients as they manage and grow their wealth. We are constantly innovating to expand our suite of wealth solutions, bringing along our wealth expertise, strong heritage and extensive network presence in our footprint markets. We are delighted to offer the first solution under SC Fund to high-net-worth clients in Singapore, Hong Kong and Dubai, and look forward to extending the same offering to clients in other key markets very soon,” adds Samir Subberwal, global head, wealth solutions, deposits and mortgages and chief client officer at Standard Chartered.
