PNC Global Investment Servicing has launched fund distribution support services in Asia.
PNC Global Investment Servicing has launched fund distribution support services in Asia.
PNC offers a full suite of processing and reporting services for European and US mutual fund firms with Asia-based investors, including capabilities that meet a variety of local time zone and language needs.
This expansion follows last year’s opening of an operations center in Wroclaw, Poland, and the 2007 launch of depositary services in Luxembourg City, Luxembourg, and opening of a sales office in London, England.
‘We are pleased to continue the introduction of capabilities into new geographies to support our clients,’ says 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 Ucits 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 per cent in 2007, and Asia currently accounts for approximately 17 per cent of all Ucits sales.
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.
