Eaton Vance, the US investment management firm, has received a capital markets license for its Singapore subsidiary.

Eaton Vance Management International (Asia) was granted to set up a Singapore office by the Monetary Authority of Singapore, creating the US company's first branch in Asia. It will be led by Robert White, the president of EVMIA who brings with him over 15 years of industry experience. The company also plans to pursue opportunities in South Korea, Taiwan, Thailand and Indonesia, possibly through collaborations with local partners, it said in a statement.

"The sound business and financial infrastructure, stable political system and strategic geographical location made Singapore an obvious choice for us. With over $1.4 trillion in total assets under management in Singapore in 2010, the city-state is becoming an attractive base for funds and is emerging as a leading private banking and asset management hub," commented White.

Eaton Vance and its affiliates specialize in a range of investment strategies and wealth management services. The group records some $184.5 billion in assets under management as of 31 December 2011.