Dechert Advises Bank of Singapore on Sale of Its In-House Feeder Fund Platform to iCapital

Global law firm Dechert has advised Bank of Singapore (“BOS”) on the sale of its in-house private market feeder fund platform to Institutional Capital Network, Inc (“iCapital”).

The fund platform consists of multiple funds, involving a total asset transfer of over US$2 billion. With the deal, BOS will retain client servicing responsibilities, while iCapital will take over the management and operation of the bank’s private market feeder funds. BOS will continue to source and monitor private market investments for its clients and provide ongoing advice to its clients on private market investments within a diversified investment strategy. iCapital will also provide custom private market funds for BOS’ high-net-worth clients.

Bank of Singapore is the private banking subsidiary of OCBC Bank. It operates on an open-architecture product platform and serves wealthy individuals and families in Southeast Asia, Greater China, Philippines, India sub-continent and other international markets. iCapital is a global fintech company providing end-to-end technology and service solutions facilitating access to private markets investments for financial firms. It is headquartered in New York and has offices in Zurich, London, Lisbon, Hong Kong, Singapore and Toronto.

Commenting on the deal, Timothy Goh, a corporate and securities partner at Dechert LLP said, “The complexity of this cross-border deal really gave us the opportunity to leverage the seamless cross-practice collaboration between our corporate and securities and financial services teams and bring the best of Dechert’s knowledge and expertise to our client. We are very pleased to have supported the excellent Bank of Singapore team on this transaction.”

The Dechert team was led by Singapore-based partners Dean Collins and Timothy Goh with support from associates Thomas Kim, Andrew Singer and Jastine Yew.

About Dechert

Dechert is a leading global law firm with 22 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.