SuMi Trust Wins Nikko Asset Management Mandate for Twelve Funds

Aug 11 2015 | 11:48am ET

A unit of Nikko Asset Management has chosen SuMi TRUST Global Asset Services to serve as fund administrator and provide a full-range of fund administration and asset support services.  

SuMi TRUST will provide fund administration services to Nikko Asset Management’s Japanese-domiciled and offshore fund structures, according to a press release. Nikko Asset Management has included a total of twelve funds in the mandate, six new funds and six existing funds from other administrators.

The twelve Cayman-domiciled funds, each of which follows a dedicated strategy, account for a total of $2.7 billion in AUM. The strategies include global and regional equities, currencies, fixed income and natural resources securities.

Nikko Asset Management, which is owned by Sumitomo Mitsui Trust Bank (SMTB) and manages approximately $161 billion, is one of Asia’s largest and oldest asset management firms. SuMi TRUST Global Asset Services is also owned by the SMTB, which demonstrates the benefits of the cross-integration of services between complementary business units within the group. Meanwhile, this recognition by the asset management firm underscores SuMi TRUST’s ability to service funds trading a large number of different asset classes. 

"With a track record of more than 25 years of providing fund administration support for both regulated and off shore fund structures, we’re very proud that Nikko Asset Management decided to entrust a greater share of their assets to SuMi TRUST,” commented Hiromitsu Tanaka, CEO of SuMi TRUST Ireland.

“Our fund administration business in Ireland has enjoyed tremendous success over the past year in attracting business from independent asset managers that are looking to launch new products and replace their administration partner in response to the increasing demands of the global financial services industry,” he added. 

SuMi TRUST Global Asset Services is a well-established provider of operational and administration support services to institutional asset managers in North American, European, and Asian markets.  

SuMi TRUST has been providing fund administration, fiduciary, trustee and depositary services to regulated, unregulated and UCITS funds in Ireland, the Cayman Islands and other regulated onshore and off-shore jurisdictions since 1990 for hedge funds, funds of funds, private equity and long-only managers.

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