Compliance
Schroders Gets Banking License In Singapore
Schroders Private Banking, part of UK-based asset manager
Schroders, has been granted a banking licence for its Singaporean
private client business by the Monetary Authority of
Singapore.
Schroder & Co (Asia) began banking operations yesterday, with
Khing Go at the helm as chief executive of the division.
Schroders acquired the Singapore-based private client advisory
unit of the Commonwealth Bank of Australia in 2008; Go was
previously head of private banking Asia advisory for the latter
before joining the former.
Schroders said in a statement it has been active in Singapore
since 1976, and currently has 200 staff employed in the
jurisdiction.
Schroders’ global assets under management total (£196.7 billion)
$307.9 billion, as at end-2010; its private banking AuM stands at
£16.2 billion.