Singapore-based, Asia-focused asset management firm Valverde Investment Partners has appointed US-based investment manager Northern Trust to provide custody, fund administration, foreign exchange and cash management services for its newly formed Variable Capital Company (VCC) fund, along with its sub-fund, ASEAN+ Fund.

The Valverde launch of these funds represent the company’s goal of achieving long-term absolute returns, primarily composed of public traded equities within Association of Southeast Asian Nations (Asean) companies.

Northern Trust’s global fund services business provides services including fund administration, depositary, global custody, investment operations outsourcing and data solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes. In Singapore, it includes servicing of VCC fund structures launched as standalone Singapore funds or umbrella structures with Singapore domiciled sub-funds.

Northern Trust has offices across Asia-Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest asset managers, central banks, sovereign wealth funds, government agencies and corporations.

“VCC funds continue to grow in popularity since the scheme was first launched in 2020, and we are delighted to work with Valverde as they embark on their first VCC,” says Yen Leng Ong, Northern Trust’s country executive for Southeast Asia.

John Foo, Valverde’s founder and CEO, adds: “Launching a VCC fund comes with inherent complexities, and we were especially impressed by Northern Trust’s global expertise.”