Stanchart Malaysia Lands Mandate For First New Shariah-Compliant ASEAN Passport Fund

KUALA LUMPUR, Aug 4 (Bernama) -- Standard Chartered Bank Malaysia Bhd has been mandated as trustee for the newly-launched Maybank Bosera Greater China Asean Equity-I Fund. The fund, the first Shariah-compliant ASEAN Passport Fund approved by the Securities Commission of Malaysia, was launched by Maybank Asset Management Sdn Bhd, a subsidiary of Maybank Asset Management Group Bhd (Maybank AM). "Our relationship with Maybank AM will allow both parties to fully benefit from the ASEAN Funds Passport scheme's strong cross-border inflows. "Ultimately, it offers a more diversified portfolio of investment options to Malaysian, Singaporean and Thai investors," said Standard Chartered Bank, Head of Investors and Intermediaries, Transaction Banking, Margaret Harwood-Jones, in a joint-statement Tuesday. Under the terms of the mandate, Standard Chartered will provide fund servicing solutions that include global trustee services and Islamic banking solutions, which can cater to the unique characteristics of the fund. This fund is also expected to be widely distributed across retail markets in not just Singapore, Malaysia and Thailand, but also across the vast Standard Chartered footprint. Maybank AM, Chief Executive Officer, Nor' Azamin Salleh, said with greater adoption of this scheme, the Group anticipates significant growth in such retail funds over the next few years. "This partnership can be the cornerstone of future collaboration that will tap into the market potential of one of the world's more dynamic regions. "Hopefully, it will also help raise standards of commercial and regulatory expertise across the region," he added. --BERNAMA