American asset manager State Street has secured a licence from the Monetary Authority of Singapore to expand its trust services in the market.
The new licence will enable the American trust bank to act as a trustee for collective investment schemes offered to institutional investors and restricted schemes offered to accredited investors.
Previously, it only provided trustee services to Singapore-authorised, retail-only, collective investment schemes.
Singapore has a large and rapidly growing wealth management and banking industry and demand for restricted collective investment schemes is expected to continue to increase"
It has been operating in Singapore since 1997.
The firm offers a range of services in the city-state such as investment recordkeeping, post-trade management, custody, fund accounting, fund administration and transfer agency.
State Street head of global services for South East Asia Syed Asim Hasan said: "Since we launched our trustee and transfer agency services in Singapore four years ago, we have established relationships with a number of asset managers.
"To build on the success of the service, we are delighted to now expand our suite of capabilities to meet the evolving needs of asset managers in the country.
"Singapore has a large and rapidly growing wealth management and banking industry and demand for restricted collective investment schemes is expected to continue to increase."
State Street had $32.6trn in assets under custody and administration and $2.8trn in assets under management as at end March.
The bank operates in over a hundred markets and employs about 40,000 worldwide.