Orangefield Trust Enters Singapore Market Through Acquisition of Apes

Move Signals Expanding Presence, Offerings in Asia Pacific

May 29, 2008, 01:00 ET from Orangefield Trust

    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: Wade Lundin GolinHarris Tel: +852-2501-7915 Email:

SOURCE Orangefield Trust