HSBCs Global Asset Management business will move its fund administration, custody and transfer agency services, currently provided by RBC Dexia, to HSBC Securities Services (HSS).
The move, which will commence in October 2012 and be completed around the end of the first quarter of 2013, comes as HSS further enhances its product capability in Luxembourg in order to service UCITS funds, which is a targeted growth area for the service provider. As such HSS has built in capability to serve its own funds.
An HSS spokesperson confirmed a substantive book of business is moving across but was unable to provide a specific figure.
According to HSBC Global Asset Management’s website, the unit manages assets totaling $400.2 billion at the end of December 2011. The asset manager has a network of offices in 30 countries around the world.
(JDC)