Allianz selects HSBC for Asian custody

HSBC will provide custody services in six markets across Asia
By Paul Walsh
HSBC Securities Services will provide Allianz with custody and fund administration services across six Asian markets adding more than $14 billion in assets under custody.

Under the mandate, HSBC will provide services for Allianz’s insurance business across Indonesia, Korea, Malaysia, Singapore, Taiwan and Thailand.

As part of the agreement, HSBC has developed customised reporting functionality to support Allianz with group reporting requirements concerning solvency and portfolio performance.

“We are delighted to extend our broader banking relationship with Allianz with this significant and strategic mandate,” said Cara Brosnan, HSBC’s regional head of insurance sector, sales and business development, Asia Pacific, securities services.

“Insurance is an important sector for our securities services business and an area where we see strong opportunities for growth, as firms increasingly look to outsource operational activity to focus on core investment management.”