State Street Corp. is attempting to expand its custody operations in Singapore through an alliance with Development Bank of Singapore Ltd.
Under the deal announced last week, State Street will provide global custody and fund accounting services to Singapore-registered unit trusts, which are similar to mutual funds. DBS Bank will provide trustee, administration and registrar services.
The deal marks State Street's first foray into servicing the Singapore- registered unit trust marketplace, said Michael Wilson, the senior vice president and director of international sales marketing.
Though only about $2 billion is invested in unit trusts, the market is growing, Mr. Wilson said. DBS has been a sub-custodian for State Street in Singapore since 1980s, a State Street spokeswoman said.