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Responsible for more than 10 per cent of the
world’s assets, the American-based financial
services company tapped into the Bruneian
market in 2011, its third office in the Southeast
Asian region after Singapore and Malaysia to
solidify its presence in the Asia-Pacific market.
In February 2019, State Street opened their new
office at the Pavo Point building in the capital.
The company’s physical presence in Brunei
illustrates its dedication in entering the local
market and meeting its clients’ needs. The
office offers State Street’s full range of financial
services to corporate clients such as investment
servicing; investment research and trading;
investment management; and support for
clients through client servicing and relationship
management. Additionally, State Street acts
as a gateway for international fund managers
interested in Brunei for investment opportunities.
Apart from investment services, State Street is
also committed to Brunei’s financial development.
In 2016, State Street signed a memorandum
of understanding (MoU) with Universiti Brunei
Darussalam (UBD) to boost financial literacy
among local students, signifying a collaborative
partnership in various programmes such as
competitions, talks and internship opportunities.
UOB ASSET MANAGEMENT
Headquartered in Singapore, UOB Asset
Management (UOBAM) established its Brunei
subsidiary called UOBAM Brunei (UOBAM (B)) in
2007.
UOBAM (B) offers a range of investment solutions
including unit trust products across asset classes
and geographies to meet different investment
needs and goals.
Its investor education programme for institutional
clients includes competency-building initiatives
such as its annual Chartered Financial Analyst
preparatory classes and investment seminars
to keep clients abreast of the latest market
developments and investment trends.
In 2019, UOBAM (B) won the Best Investor
Education (Brunei) award at the Asia Asset
Management 2019 Best of the Best ASEAN
Awards. The following year, UOBAM (B) won the
award for the second consecutive time.
The investor education accolade recognises
UOBAM (B) for its wide range of education
programmes that serve investors with varying
investment goals and backgrounds.
LOCAL INVESTMENT SERVICES
In May 2017, the Brunei Darussalam Capital
Market Association (BCMA) was launched. The
members are made up of capital market, finance
and investment product and service providers
licensed to conduct capital market activities in
Brunei. The BCMA’s objectives include supporting
capital growth and market integrity in Brunei and
to promote financial and investment literacy.
Through AMBD, the Brunei government has been
issuing short-term Sukuk Al-Ijarah. Sukuk are
Syariah-compliant financial products that create
returns similar to fixed-income instruments, like
bonds.
However, unlike bonds, Sukuk does not collect
interest. This explains Sukuk’s growing popularity
not just in economies with Islamic banking, but
also in the global market.
In October 2020, AMBD announced the successful
pricing of its 186
th
issuance of short-terms Sukuk
Al-Ijarah securities.
With this issuance, the Brunei Government has
thus far issued over BND14.12 billion worth of
short-term Sukuk Al-Ijarah securities since the
maiden offering on April 6, 2006.
The total holding of the Brunei Government
Sukuk outstanding as at October 8, 2020 stood at
BND373.5 million.