First Sentier Group has appointed Standard Chartered to handle custody, fund administration, transfer agency and trustee services for its Hong Kong Unit Trust, according to a Standard Chartered LinkedIn post.
The Australia-based asset manager, which manages more than USD 144 billion in assets, already uses Standard Chartered for servicing its Mandatory Provident Fund Approved Pooled Investment Funds. With the new mandate, the Hong Kong-domiciled funds are brought under the same provider.
Following the appointment, Standard Chartered becomes the sole securities services provider for First Sentier’s Hong Kong Unit Trust portfolio. This means functions such as custody, fund administration, transfer agency and trustee oversight will be handled by one institution instead of several.
Operational requirements
In the statement, First Sentier’s chief operating officer, Amanda Gazal, said the move reflects the next phase of the firm’s Hong Kong operations and is intended to support greater scale and consistency for clients. She also noted that Standard Chartered had taken time to understand the firm’s operational requirements.
Standard Chartered said the mandate aligns with its ongoing focus on trustee, fund administration and international custody services in Asia. The bank already supports parts of First Sentier’s Hong Kong business and will now provide a broader range of post-trade services for the unit trust.
