MaplesFS sets up full service offering in Singapore
05 November 2013
Category: News, Asia, Singapore
By Asia Asset Management
The Maples group is expanding its presence in the Asia Pacific region with the launch of the full service offering of MaplesFS in Singapore. This move further solidifies the group's brand in the region, where trends and market activity have demonstrated confidence in continued growth.
MaplesFS, through its operating divisions, Maples Fund Services and Maples Fiduciary is an independent global provider of fiduciary, accounting and administration services. With the launch of its office in Singapore, MaplesFS will provide clients in the region with a wide range of services to satisfy their fund administration, corporate formation and fiduciary needs.
Maples Fund Services (Singapore) Pte Ltd. will focus on providing middle office, data aggregation and reporting, and fund administration services to Singapore domiciled funds established by family offices, private wealth managers and institutional investors. In addition, the team will service Cayman Islands funds that require on the ground support from Singapore. Eastern Fong, regional head of fund services – Asia, will head the Singapore team.
Maples Fiduciary (Singapore) Pte Ltd. will be under the leadership of Hugh Thompson, global co-head of fiduciary, who has 14 years experience at the Maples group acting as a director on investment funds and structured finance vehicles. Mr. Thompson will be leading the development of Maples Fiduciary, which will include company formation, registered office, company secretarial, client accounting, voluntary liquidations, and directorship services for Singapore domiciled entities. In addition, the team in Singapore will provide director services for Cayman, Hong Kong and British Virgin Islands domiciled entities where an Asian time zone presence is needed. Clients will also have access to Maples eServices, which is a proprietary web-based portal that provides a single view to manage all global entity information.
MaplesFS Chief Executive Officer Scott Somerville said: "We are excited about the opportunity that Singapore creates as a jurisdiction, particularly as it relates to business arising from family offices, institutional investors, hedge funds and private equity. Our presence in Singapore will significantly boost our brand as a regional offering with close ties to our existing office in Hong Kong.”
Both Maples Fiduciary (Singapore) Pte Ltd and Maples Fund Services (Singapore) Pte Ltd are located in the same office building as affiliate law firm, Maples and Calder (Singapore) LLP, which recently celebrated the one-year anniversary of its move to Singapore. Corporate and finance partner, James Burch, is managing partner of the firm's Singapore office. The Maples group's growth strategy in Asia is based on a long-term commitment to development in the region, with Maples’ first office opening in Hong Kong in 1994. The proximity of the MaplesFS and Maples and Calder teams, with a combined suite of services, comprising a wide range of fiduciary and legal expertise, ensures a synergistic team approach to the offerings in Singapore.