State Street kicks off Taiwan TA operations and makes crucial Asia appointments
09 May 2014
Category: News, Asia, Hong Kong, Singapore, Taiwan
By David Macfarlane
State Street Corporation has launched its transfer agency (TA) operations in Taiwan and appointed Sunny Yang to head it up. She will be based in Taipei.
State Street’s branch in Taipei will provide TA services on a business process outsourcing (BPO) basis to securities investment trust enterprises (SITEs) – fund management companies registered in Taiwan offering public funds for local domiciled funds.
In 1995, the firm expanded its 40-year joint venture (JV) with DST Systems Inc (a provider of information processing and software services and products to companies around the world) to create International Financial Data Services (IFDS). Since then, the JV has grown to be a world-leading provider of outsourcing and technology solutions to the financial services industry.
Paul O’Neil, managing director of Asian operations at IFDS, said: “Taiwan is an important emerging market in Asia-Pacific. By increasing our presence in the region, we will further enhance our support of domestic and cross-border products to our existing and prospect clients.”
Ilona Chen, general manager and head of State Street Global Services Taiwan, added: “We see great potential for the transfer agency business here given that Taiwan is the source of the majority of assets coming into UCITs products in the region.”
TA services include investor registration, trade processing, allocation of units to investors, cash management and reconciliation, regulatory support such as FATCA and local regulations and KYC services. There will also be an interface with the Taiwan Depository & Clearing Corporation (TDCC) platforms. The TA service can be bundled as a full suite of fund and securities service together with fund accounting and custody services.
As head of the TA operation in Taiwan, Ms. Yang will be responsible for day-to-day operations, including the resource management of teams involved with client servicing and monitoring operational risk and regulatory framework. She has 15 years of experience in TA and fund administration in Taiwan. Ms. Yang previously held senior TA positions at Allianz Global Investors Taiwan Limited, ING Asset Management (Taiwan) Limited and JP Morgan Asset Management (Taiwan) Limited. She will report directly to Euan McLeod, head of transfer agency for the Asia Pacific region, based in Hong Kong.
State Street Corporation also announced the expansion of its TA business in Asia Pacific with the following new appointments:
Mr. McLeod has joined as the head of transfer agency for the Asia Pacific region. He will be based in Hong Kong, and is responsible for all transfer agency products and services for both the domestic and cross-border ranges. Mr. McLeod has more than 20 years of experience in the TA field. He has worked in Ireland, Australia, Bermuda, Luxembourg and Hong Kong. Prior to State Street, Mr. McLeod worked in various roles at HSBC, JP Morgan, Citibank and the Royal Bank of Scotland.
Gayathri Chandramouli has joined as head of product and strategy for the TA business in Asia based in Singapore. She joined IFDS in 1990, where she held the position of programme manager for their Asian TA operations and product. In her new role she is responsible for the management and development of all the TA market plans for various countries in the region. She has more than 14 years of experience in TA, including senior positions with DSQ Software Ltd, IFDS in the UK and Bank of New York Mellon.
Also joining the team in Hong Kong is Aileen Yan, who has been appointed head of TA operations. She is responsible for the daily management of the TA operational teams in the region. Ms. Yan has more than 25 years of experience in unit trust and mutual fund operations, and she has worked with Bermuda Trust (FE) Ltd, CEF Capital Ltd and Invesco Hong Kong Ltd.
Other new appointments include Cathy Yeung, who will take on the role of TA AML KYC officer; Zoey Cheang as transfer agency technology and projects lead; and Sean Liew as new business implementation lead.
Andrew Erickson, head of State Street Global Services and IMS for Asia, said: “We are extremely pleased to welcome our new colleagues. The Asia-Pacific region is a key growth area for many of our clients and each new appointment adds significant experience to our operations, ensuring we are well positioned to support the administration of domestic and cross-border products and provide distribution support to existing and prospective clients.”
“Taiwan is an important emerging market for our existing and prospective clients” added Paul Roberts, chief executive officer of funds at IFDS. “Our expanding presence and experience in the region forms a key part of our global distribution support model.”