OCBC’s arm sells in-house feeder fund platform

OCBC’s arm sells in-house feeder fund platform

Dechert advised Bank of Singapore, the private banking arm of OCBC Bank, on the sale of its in-house private market feeder fund platform to global fintech Institutional Capital Network (iCapital). The platform consists of multiple funds involving a total asset transfer of over USD2 billion.

Bank of Singapore will retain client servicing responsibilities and continue to source and monitor private market investments for clients. Meanwhile, iCapital will take over the bank’s private market feeder funds and provide customised private market funds for Bank of Singapore’s high-net-worth clients.

The Dechert team in Singapore was led by partners Dean Collins and Timothy Goh with support from associates Thomas Kim, Andrew Singer and Jastine Yew.

“The complexity of this cross-border deal really gave us the opportunity to leverage the seamless cross-practice collaboration between our corporate and securities and financial services teams and bring the best of Dechert’s knowledge and expertise to our client,” said Goh.

Bank of Singapore operates on an open-architecture product platform and serves wealthy individuals and families in Southeast Asia, Greater China, the Philippines, India sub-continent and other international markets. iCapital provides end-to-end technology and service solutions facilitating access by financial firms to private markets investments. It is headquartered in New York and has offices in Zurich, London, Lisbon, Hong Kong, Singapore and Toronto.