HSBC launches fund administration services in Thailand

Launch follows relaxed rules in the country aimed at boosting local fund managers’ operations.

By Jonathan Watkins

HSBC Securities Services has launched fund administration services for its asset manager and owner clients based in Thailand following the easing of outsourcing rules in the country.

The Thai Securities Exchange and Commission recently relaxed the outsourcing rules in a bid to boost the efficiency of local fund managers’ operations.

The launch adds to HSBC’s current offering of custody and fund supervisory services, and will be offered through the bank’s strategic platform in Asia, Multifonds.

The move is in-line with HSBC’s strategy of focusing on Asia following a revenue drop in 2020. The bank said it would be investing $6 billion in Asia as part of its ‘Asia-First’ strategy, where the bank plans to increase hiring and become the go-to provider for Asia-based asset managers, pension funds, insurance companies, regional banks and broker-dealers.

Since then, HSBC launched a revamped fund administration solution for Asia-based insurance companies, after onboarding HSBC Life, its Hong Kong insurance business.

“Our clients have expressed a keen desire to improve efficiency and reduce cost, reduce operational risk, adapt to their investors’ need and manage regulatory changes effectively,” said Utumporn Viranuvatti, head of HSBC securities services in Thailand.

We are supporting our clients by offering a high degree of straight-through processing with end-to-end solutions that complement their core activities. This will allow our clients to focus on their key competencies and expand their product offerings.”