UK-headquartered debt advisor GLAS has opened an office in Singapore to seize on the opportunities available in the Asia-Pacific market.
The firm has recruited Paul Wilden, formerly Standard Chartered Bank’s head of corporate agency and trust. Wilden is experienced in the Singapore market having been based in the country for the duration of his five years at the bank and an additional six years as a managing director at BNY Mellon.
The opening of the office follows recent forays into Australia and the US, where the firm opened offices this year. According to a statement from GLAS, the creation of a Singapore location has been driven “by the increased demand for alternative loan and paying agency, and escrow service providers as banks reduce their involvement in the market”.
Wilden said: “The lack of independent agency services in Asia Pacific is impacting viable deals. Regulation and compliance hurdles are reducing the appetite of banks to operate in this area.
Mia Drennan, chief executive of GLAS, said: “His connections in the region, alongside his expertise at growing businesses, make Wilden a perfect fit for Singapore and the clients we wish to serve.”
GLAS was established in 2011 and provides loan and bond administration services for asset managers. Notable debt restructurings GLAS has been involved with are the operations of Australian mining companies Atlas Iron and Consolidated Minerals and India-based software company 3i-Infotech.