SINGAPORE, 13 September 2023 – Northern Trust (Nasdaq: NTRS) has been appointed by Chartered Asset Management Pte Ltd (CAM) to provide custody, fund administration, foreign exchange and cash management services to the manager’s three funds constituted as Variable Capital Companies (VCCs).

CAM, established in 1994 as a boutique fund manager in Singapore, is one of the 18 selected fund managers in the VCC Pilot Programme launched in 2019 by the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority. This program allowed fund managers to constitute their investment funds as VCCs. CAM is a pioneer in utilizing the VCC framework, and redomiciled its funds from Mauritius to Singapore.

Colin Lee, Managing Director of CAM, said: “Northern Trust’s deep industry expertise, presence in the Asia-Pacific region, client-centric approach and service-oriented values align with our mission. Appointing Northern Trust underscores the strategic and cultural alignment between our organizations.”

Yen Leng Ong, head of Southeast Asia at Northern Trust, said: “We’re delighted to be working with CAM and supporting its three VCCs. The demand for this type of fund structure continues to increase and Northern Trust is well placed to support asset and wealth managers looking to utilize this structure, domiciling funds in Singapore.”

Northern Trust’s Global Fund Services business provides services including fund administration, depositary, global custody, investment operations outsourcing (IOO) and data solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes. In Singapore, it includes servicing of VCC fund structures launched as standalone Singapore funds or umbrella structures with Singapore domiciled sub-funds.

Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest asset managers, central banks, sovereign wealth funds, government agencies and corporations.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2023, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.