This strategic acquisition has enhanced SCBHK’s securities services capabilities and client base
Head office of Standard Chartered Group. (Credit: Standard Chartered)
Standard Chartered Bank (Hong Kong) Limited (“SCBHK” or “the Bank”) has established Standard Chartered Trustee (Hong Kong) Limited (“SC Trustee”) after receiving regulatory approval to complete its acquisition of RBC Investor Services Trust Hong Kong Limited. SCBHK’s existing local trustee capabilities, which support retail funds, will be merged into SC Trustee over time.
This strategic acquisition has enhanced SCBHK’s securities services capabilities and client base, expanding into the trustee business for Mandatory Provident Fund (“MPF”) schemes and Occupational Retirement Schemes Ordinance schemes in Hong Kong.
SC Trustee is now a subsidiary of SCBHK. It is an MPF Approved Trustee authorised by the Mandatory Provident Fund Schemes Authority, providing a full suite of services including trustee, fund administration, custody and transfer agency services.
Simon Kellaway, Global Head of Sales & Regional Head of Financing and Securities Services (“FSS”), Greater China & North Asia, Standard Chartered, is appointed as the Chairman of SC Trustee, and Christy Cheng, previously Head of CCB (Asia) Trustee Company Limited, is appointed as the Chief Executive Officer.
Simon Kellaway said: “Standard Chartered is keen on investing in growth opportunities and expanding its offering to meet clients’ needs. As at end-March 2022, MPF assets under management in Hong Kong amounted to $1.12 trillion[1], which is a very significant market with continuous growth potential. With Standard Chartered’s deep knowledge of the local market, we look forward to extending our trustee services for MPF schemes and other eligible investment funds to additional clients, and bolstering our capabilities in Hong Kong.”
In addition, two well-respected industry veterans – Stewart Aldcroft and Luzia Hung – are also appointed as Independent Non-Executive Directors at SC Trustee (effective on 28 April and 5 June respectively). Stewart Aldcroft was the Chairman of Cititrust Limited, with extensive experience in the asset management and fund distribution business in Asia. Luzia Hung was the Chief Executive Officer of Manulife Provident Funds Trust Company Limited, with deep knowledge of the pensions and retirement benefits market in Hong Kong.
Source: Company Press Release