At Syfe, the security of our clients' money is of utmost importance to us, and we have stringent measures in place to prevent an event like a closure from happening. Syfe is licensed by the Monetary Authority of Singapore (MAS), and we hold a Capital Markets Services (CMS) License for retail fund management, dealing in capital markets products, and providing custodial services.
Funds in your Syfe Wealth investment portfolios are held in a trust account in DBS Bank while your investments are kept in a custodian account through Citibank.
In the unlikely event of a closure, we will work together with Citibank under the supervision of MAS to ensure the orderly transfer of your Syfe Wealth assets to another licensed fund manager, or the return of all assets and funds to our customers. Customers will be able to choose their preferred means.
Funds in your Syfe Trade account are held on trust by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (HSBC).
Alpaca Securities LLC, a member of the Securities Investor Protection Corporation (SIPC), will serve as the sub-custodian for your US-listed securities account.
In the event that a SIPC member fails and is placed in liquidation under the Securities Investor Protection Act, SIPC protects the securities customers of its members up to $500,000 (including $250,000 for claims for cash). SIPC does not protect against any decline in the value of your securities. For details, please see www.sipc.org.
Shares are held in custody by the Central Depository (CDP) in a segregated custodian account. These sub-accounts are allocated to each Syfe Client by the Central Depository and managed by our custodian on behalf of clients, in accordance with SGX rules. Please note that SPIC protection does not apply to SG-listed securities.
In the unlikely scenario of Syfe's closure, we will work together with HSBC and our broker to ensure the orderly transfer of assets to other licensed financial institutions, or the return of all assets and funds to our customers. Customers will also be able to choose their preferred means.
In summary, whether you invest in Syfe Wealth or Syfe Trade, your funds and assets are held separately from Syfe’s. This means that we will never be able to use your funds and assets, even in the very unlikely event that Syfe stops operating.
Customers are free to withdraw their money any time they wish. Syfe does not impose any exit penalties or lock-in periods, so customers are genuinely able to access their money any time.