Bank of Singapore (BOS) has collaborated with global fintech firm iCapital to launch an alternative investment digital platform called FIM Alternatives Select.
The platform will be used by the bank’s financial intermediary partners (or independent asset managers), and is intended to help grow its financial intermediaries, family office, and wealth advisory assets under management by 50% by 2026, according to a statement by the bank.
To begin with, about 30 funds will be available from private equity firms such as KKR, The Caryle Group and Apollo via FIM Alternatives Select, with more funds to be added in the future. These funds span across a range of investment strategies, structures, sectors and geographies.
FIM Alternatives Select will also provide BOS’s financial intermediary partners with due diligence reports and tools through iCapital, to evaluate and access alternative investment opportunities via the digital platform. The platform also gives access to post-investment tools such as fund reports and performance updates for financial intermediaries to monitor their positions.
Vivienne Chia, global head, Investment Solutions Group, Bank of Singapore, commented: “With FIM Alternatives Select, we are making it easier for financial intermediaries to augment the strength of their client portfolios with alternative investment opportunities and achieve their wealth objectives.”
Assets under management for the bank’s financial intermediary clients grew at a compounded annual growth rate of about 20% in the period of 2019 to 2023. Earlier this year, the BOS created a specialised unit to serve its financial intermediaries. The unit, reporting to head of financial intermediaries Annabelle Chow, comprises relationship managers and investment specialists.
Bank of Singapore, the private banking subsidiary of OCBC, has also seen a strong momentum in alternative investments – as of September 2024, the financial intermediary segment recorded a close to 30% year-on-year growth in invested assets, according to the statement.
Marco Bizzozero, head of international, iCapital, said: “We are delighted to extend our collaboration with Bank of Singapore and support the adoption of alternative investments for their financial intermediaries’ clients with our innovative operating system and solutions.”
iCapital is a fintech firm that connects wealth managers and their advisers and clients to hedge funds, private equity firms and other alternative asset managers via its technology platform. As of September 2024, assets invested through iCapital’s platform have surpassed $200 billion, and the platform provides access to over 1,600 funds from over 600 asset managers, according to the statement.
