Investments

FundRock expands into Asia with Singapore office

Looking to expand its operations into the Asia Pacific region, Luxembourg-based FundRock has opened an office in Singapore.

Backed by private equity firm BlackFin Capital Partners, Timothy Walkley has been appointed as managing director of the Singapore office and will lead business development in Asian markets.

"Following a significant increase in the number of Asian investment managers setting up funds in Europe, the establishment of a branch in Singapore allows us to better serve our existing clients and expand our client base," Walkley said.

Luxembourg funds are looking at using financial centres like Singapore and Hong Kong to act as gateways to gain access to the growing middle class in the Asia Pacific region. The Luxembourg and Hong Kong financial authorities had signed an agreement this past January that is meant to increase fund sales in each other's markets.

FundRock's new operation in Singapore comes after it signed a cooperation deal last September with Perpetual Corporate Trust in Australia. It also follows FundRock's acquisition of SEB's fund services arm on its home territory at the end of 2018.

Called RBS Luxembourg before its private equity buyout in 2015, the firm offers services that include risk management, oversight and compliance to funds in Luxembourg, the UK, and Ireland. It has EUR80 billion in AuM and a staff of more than 120 people.