Malaysia’s Maybank Asset Management (Maybank AM) has selected Standard Chartered Bank Malaysia as trustee its recently launched Maybank Bosera Greater China Asean Equity-I Fund.

Under the deal, Standard Chartered will provide fund servicing solutions that include trustee services and Islamic banking.

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The fund is the first Shariah-compliant Asean Passport fund under the umbrella of the Asean Collective Investment Scheme (CIS) launched in 2013.

The fund, which has been launched in April, provides an investment fund that invests in Shariah-compliant assets, which can be distributed directly to investors in Malaysia, Singapore and Thailand.

Additionally, Standard Chartered Bank Malaysia Bank Trustee and Standard Chartered Bank Singapore will collaborate with Maybank AM’s subsidiaries to provide custody and fund services out of Singapore.

Maybank AM CEO Nor’ Azamin Salleh said: "This partnership can be the cornerstone of future collaboration that will tap into the market potential of one of the world’s more dynamic regions. Hopefully, it will also help raise standards of commercial and regulatory expertise across the region."

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Standard Chartered Bank head of investors and intermediaries transaction banking Margaret Harwood-Jones said: "Our relationship with Maybank AM will allow both parties to fully benefit from the ASEAN Funds Passport scheme’s strong cross-border inflows.

"Ultimately, it offers a more diversified portfolio of investment options to Malaysian, Singaporean and Thai investors."