Standard Life expands in Asia with Singapore office

STANDARD Life has been given the green light from authorities to open an office in the fast-growing Singapore region targeting wealthy investors.

The move has been dubbed the “fourth pillar” in the Edinburgh-based group’s ambitious plans to quadruple the size of its Asian business in the next five years.

Standard Life already has two operations in India and a presence in Tianjin and Hong Kong.

The life and pensions giant has also recruited Neal Armstrong from his role as principal officer of Zurich International Life in Singapore. Armstrong, who has experience in both the international long-term savings and investment industries, will lead the new operation.

The setting up of the office follows the granting of full insurance licence approval from the Monetary Authority of Singapore.

Situated in Singapore’s central business district, the new office will open for business this month. The agreement with the Singapore authorities will allow Standard Life to target high net worth individuals.

The group said Singapore was an “ideal market”, being ranked as one of the top four financial centres globally, and which is significant in scale and fast-growing.

Nathan Parnaby, who recently took over the role of chief executive, Asia and emerging markets, said, “Our long-term ambition within Asia is to build a leading retail savings and investment business. Singapore is a large and respected financial centre and we are committed to building a successful business from there, focused on delivering high quality products for customers.”