Singapore's VCC Sector Warms Up, Family Office Engages BNP Paribas

Tom Burroughes

12 March 2020

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The VCC structure has been launched as a way to boost Singapore’s status as a financial and wealth management hub (as explained in this article here).

Kamet Capital Partners was established in 2017 as a family office and is a Capital Markets Services' licensed firm, regulated by the . As part of this mandate, BNP Paribas Securities Services will provide Kamet with fund administration and global custody services in Singapore, BNP Paribas said in a statement.

The Variable Capital Companies Act came into force in January and is a corporate structure for investment funds.

“We are delighted to be appointed by Kamet Capital and to support such an innovative manager in its plans to use the VCC. This demonstrates our team’s strength supporting our clients’ international growth from Singapore,” Diana Senanayake, head of BNP Paribas Securities Services Singapore, said.

“We have been the first to support clients in accessing many of the newly-created schemes across the region, including the mutual recognition of funds schemes between Asia and Europe. Our innovative cross-border solutions for banks and the Stock Connect schemes, for example, are award winning,” Senanayake said.

As of 31 December 2019, BNP Paribas Securities Services had $11.8 trillion in assets under custody, $2.8 trillion in assets under administration and 10,484 funds administered.

To see more on VCCs, look here.