Swiss Bank in transfer
SWISS Bank Corporation (SBC), Switzerland's second-largest bank, has transferred the management of two Asian funds worth nearly S$1 billion (about HK$4.7 billion) to its Singapore branch, in a bid to fortify its portfolio management activities in the Asia-Pacific.
The two funds are the Asiaportfolio and the AST Pacific Fund, both to be targeted at offshore investors.
Mr Andre Ruppli, associate director of portfolio management at SBC's Singapore branch, said that the transfer ''reaffirms the bank's commitment to the region''.
The move is seen as complementing its recently acquired stockbroking unit, Paul Morgan & Associates (Securities), especially if part of the money is invested on the local market.