HSBC Global Investor Services (GIS) has been appointed by Old Mutual Fund Managers Limited (OMFM) to act as trustee and custodian for GBP 1 billion of former funds of Gerrard Investment Funds Limited (GIF).
This appointment follows the integration of GIF into OMFM at the beginning of this year, and the transfer of administration of the funds comprising 15 unit trusts and one OEIC to OMFM in July 2002. It follows the winning by GIS of the unit trust business of OMFM in November 1999, giving HSBC trusteeship and custody of OMFM’s full range of funds totalling some GBP 3 billion of assets.
Beth Lathangie, chief operating officer of OMFM, said: “We are pleased to build on our successful relationship with HSBC and to consolidate the trusteeship and custody of our combined range of funds, enabling us to continue with our aim of maintaining consistency across our product range. With this in mind, we can now move forward with our fund rationalisation programme in the latter part of this year.”
Graham Thomas, head of trustee and depositary services at GIS, said: ” We are delighted to have the opportunity to further enhance our relationship with a group of the quality of Old Mutual, and look forward to working with them as their business continues to grow. This appointment also underlines our commitment to growing our trustee and depositary business through the promotion of high levels of service and technical support.”