PNC Global Investment Servicing has launched its fund distribution support services in Asia.
Through an agreement with Standard Chartered Bank in Hong Kong and from its existing location in Wexford, Ireland, PNC Global Investment Servicing will process trades, subscriptions, redemptions and cash movements; perform reconciliations; resolve queries from investors; initiate new accounts and distribute shareholder reports.
PNC offers a full suite of processing and reporting services for European and U.S. mutual fund firms with Asia-based investors, including capabilities that meet a variety of local time zone and language needs.
"We are pleased to continue the introduction of capabilities into new geographies to support our clients," said Stephen M. Wynne, chief executive officer, PNC Global Investment Servicing. "There has been an increased appetite for investment products within the Asian markets. This latest enhancement provides a crucial service to fund firms that want to grow their business and extend their reach into this locale."
In recent years, the market demand in Asia for Undertakings for Collective Investment in Transferable Securities funds has significantly increased. According to a 2009 study of fund firms by the European Fund and Asset Management Association, the representative association for the European investment management industry, sales of UCITS funds in Asia increased by 22 percent in 2007, and Asia currently accounts for approximately 17 percent of all UCITS sales. While the downturned economy has lessened asset levels, the rate of growth for UCITS in Asia is still anticipated to continue.
Do you know more about this story? Contact us anonymously through this link.