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
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
For media inquiries, please contact:
Orangefield Management (Hong Kong) Ltd.
SOURCE Orangefield Trust