BNP Paribas Wins VCC Mandate

It will provide fund administration and global custody services in Singapore to Kamet Capital Partners.

Multi-family office Kamet Capital Partners, one of the first fund managers to use Singapore’s Variable Capital Company (VCC) structure, is partnering BNP Paribas Securities Services in its plans to use the VCC.

We selected BNP Paribas Securities Services for its attention to client needs and willingness to grow alongside Kamet, said Kerry Goh, chief executive officer of Kamet Capital Partners, said in a statement issued by BNP Paribas on Tuesday.

Goh founded Kamet in 2017 after leaving Julius Baer, where he was head of portfolio management, Asia. Kamet’s Long Term Capital fund invests 60–70 percent of its portfolio in public securities, and the balance in alternatives and private investments.

The VCC framework, launched in January, is part of Singapore’s plans to attract more funds to base themselves in the city-state.

Catered to the needs of global investment funds and investors, fund managers will have greater flexibility in share issuance/redemption and the payment of dividends. Managers can also incorporate multiple funds in a single VCC to save costs.

The initiative has already borne fruit, with Mindful Wealth redomiciling its flagship fund to Singapore under the framework, and RF Fund Management announcing it would be setting up its inaugural private equity fund to focus on fintech and property investments in Asia.