Calastone, a global funds network, announced that it has launched its regional headquarters in Singapore.
“The launch of Calastone’s office as the regional headquarters for Apac reaffirms our commitment to Singapore and the region,” said Ross Fox, managing director, head of Apac at Calastone.
“Apac is an important and strategic growth market for our business. Opening our regional hub in Singapore will help us support the growing demand for digitalisation in Apac’s funds industry, while enhancing our service delivery capabilities to both new and existing clients.”
At the same time, Fox has moved from Sydney to Singapore, where he was previously responsible for managing Calastone’s Australia business.
With over 15 years of industry experience, Ross will lead the company’s strategy and business expansion in the Apac region in his new office.
Ross has been with Calastone since 2012 and has built deeper relationships and delivered technological solutions to drive efficiency and automation for the firm’s clients.
The new headquarters will also help the company to extend its suite of offerings from its distributed market infrastructure to more fund managers, distributors and platforms in the region and expand its client portfolio.
The Apac fund management industry is estimated to outpace any other region globally, with assets under management set to hit S$41.1trn ($29.3trn) in 2025, according to data from PwC.
In the first quarter of 2022 alone, about S$21bn of volumes were traded in Singapore-based funds, one of the key financial hubs of the region.
Calastone entered the Apac market in 2009 and the new office underpins the firm’s ambition to expand its product offerings and footprint across the region, said the company in a statement.
Currently, about 70% of the city’s fund flows is managed by Calastone’s network, according to the company.
Calastone is globally headquartered in London and has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, Milan and Sydney.
The Singapore office is Calastone’s first Apac regional headquarters