HONG KONG, May 29 /Xinhua-PRNewswire/ -- Netherlands-based Orangefield Trust, formerly known as ING Trust and specializing in trust and corporate management services, has officially announced the acquisition of APES SG Pte. Ltd., a private equity fund management service company in Singapore with over US$2 billion of assets under administration. The acquisition expands Orangefield's geographical reach in Asia and helps position the company as a preferred provider of fund management services in the region. The transaction was completed April 1, 2008. The new Singapore entity, Orangefield Management Services (Singapore) Pte Ltd, will be led by Mr. Charles Kwun, Managing Director of Orangefield Trust in Hong Kong. Mr Kwun will serve as Director of the Singapore office alongside APES founder and owner Mr. Tek Yok Hua, who will take up his new role as Director and Managing Administrator. The new office not only provides on-the-ground presence for Orangefield Trust, but also added flexibility for Hong Kong-based and other clients to access the growing Singapore market. Commenting on this strategic development, Mr. Eelko Bronkhorst, CEO of Orangefield Trust, said, "We plan on enhancing our presence in Asia both through organic growth and M&A, and this is a very significant step for us. With our 30-year track record and APES' fund services leadership in Singapore, we believe this acquisition gives us a strong foothold in the growing market for Asia fund services." Mr. Kwun added, "We have high expectations for the Singapore market based upon the influx of foreign and public funds there. The acquisition of APES enables us to tap into this potential, service current and future fund management clients in Singapore and Hong Kong, and provide a platform for future expansion both in terms of our network and our services." Orangefield Trust is the newly independent continuation of ING Trust, a leading global trust and management services provider, and a preferred supplier of the ING Group. With a diverse client portfolio of Fortune 500 companies, mid-sized businesses and private customers, Orangefield Trust applies a boutique approach to a wide range of specialist services to further its reputation as a professional international management and trust services provider.
For media inquiries, please contact: Charles Kwun Managing Director Orangefield Management (Hong Kong) Ltd. Tel: +852-2295-2989 Email: email@example.com Wade Lundin GolinHarris Tel: +852-2501-7915 Email: firstname.lastname@example.org
SOURCE Orangefield Trust