Scudder Kemper Investments of New York has established a new Singapore office which will serve as the Asia-Pacific Basin investment management hub for Scudder Kemper's institutional and retail investment products. The new wholly-owned unit will operate under the Scudder Investments Singapore Limited name. The company announced the new office last week.
Scudder has applied to The Monetary Authority of Singapore for a license to provide globally- and locally-produced investment products to investors residing in Singapore, the company announced.
Alan Lim has been appointed managing director of the new unit. At least one portfolio manager will be relocated to the Singapore office from Scudder's New York office, according to Ed Canaday, a Scudder spokesperson. Additional investment support personnel are expected to be hired.
This is the second new global office for which Scudder is currently seeking approval by foreign regulators. The other such office would be in Korea, said Canaday.
Scudder has maintained an investment management office in Tokyo for 12 years and a Hong Kong office for five or six years, said Canaday. It also has had an office in Australia for five years.