The trend of European and other international firms expanding their footprint into Asia-Pacific continues.

Nordea Asset Management’s business in Singapore has won a capital markets licence from the jurisdiction’s regulator. The move enables it to bring offerings to institutional and accredited investors in the city-state.

Nordea Asset Management, part of the Nordic region’s Nordea Group, has been present in Singapore since 2018; the CMS Fund Management licence means that the Nordea Asset Management Singapore Pte entity will now drive the group’s Asian business.

In 2022, NAM appointed Ana Dhoraisingam as head of Asia-Pacific distribution ex-Japan. She is also chief executive of NAM SG.

The approval, granted by the Monetary Authority of Singapore, means that NAM SG can conduct regulated fund management activities including portfolio construction and allocation, research and advisory, business development, marketing and client servicing from Singapore. 

The step is an example of international asset management firms pushing into the Southeast Asia and wider region’s market. Earlier this week, we reported that Legal & General Investment Management (LGIM) has opened a Singapore office and made senior hires. 

Nordea Asset Management had €241 billion ($258 billion) of assets under management at the end of June this year. It serves clients and uses distributors such as banks, asset managers, independent financial advisors and insurance companies.