Original article available on Wealth Briefing Asia
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The latest senior moves in wealth and asset management and legal practice across Asia-Pacific.
One of the new Singapore-based Variable Capital Companies (VCCs), structures that were launched a year ago to encourage wealth managers to domicile in the city-state, has named a new independent director.
Silverdale Capital Fund VCC, overseen by Silverdale Capital, appointed named Andrew Chan to join the VCC’s board.
With 38 years of industry experience, Chan was previously chief operating officer for Asia-Pacific at Columbia Threadneedle Investments, the asset management arm of US-listed Ameriprise Financial. Earlier, he worked for 24 years at Merrill Lynch in senior roles including head of sales and marketing, chief administrative officer and director for banking and fiduciary services.
Additionally, Chan has also been involved in acquisitions, start-ups, restructurings, turnarounds, downsizings and exit strategies.
Silverdale Capital (established in 2008) is a Singapore-based fund manager managing over $1 billion in assets across multiple funds: Silverdale Bond Fund, Silverdale Asia Bond Fund, Silverdale Multi Strategy Fund, and Silverdale Fixed Maturity Funds, etc. It holds a Capital Markets Services Licence from the Monetary Authority of Singapore for fund management. Silverdale Fund VCC is incorporated as an umbrella fund under the Variable Capital Companies Act of Singapore with multiple sub-funds. The VCC was set up in November last year.
Since the introduction of the VCC framework in January 2020, to date, more than 200 VCCs have been incorporated with the Accounting and Corporate Regulatory Authority. A number of organisations piloted the VCC regime before it went live: Aggregate Asset Management; Arborvitae Capital; Assetfort Capital; Chartered Asset Management; CSOP Asset Management; DCG Capital; Gordian Capital Singapore; Heliconia Capital Management; Kamet Capital Partners; Meilun Asset Management; Mindful Wealth; Noviscient; Raffles Family Office; SOFOS Capital Management; Tembusu Partners; Ternary Fund Management; UTI International (Singapore); and Yozma Singapore.