HSBC Securities Services (HSS) has rolled out a new fund administration platform in the Middle East and North Africa (MENA).
HSBC has the most prolific sub-custody and fund administration presence in the MENA markets, being active in Saudi Arabia, the three exchanges in the UAE, Oman, Qatar, Kuwait, Bahrain, Jordan, Lebanon, Palestine and Egypt.
The new platform is designed to provide flexibility and offer scale within and beyond the region. The new reporting functionality of the platform also allows clients to customize the system to meet individual requirements.
The platforms full capabilities include a valuation reporting model; the ability to cater for a full range of asset classes; functionality around accounting and valuation; increased automation of functional services such as cash processing and reconciliation; third-party sources of prices and rates; and the ability to utilize an extended range of performance management and compliance tools.
Our progressive investment in the securities services business in the Middle East and North Africa is designed to provide a best in class service proposition, says Arindam Das, head of HSBC Securities Services, MENA. Through this we are able to offer a full product range with the key benefits of accuracy, agility, responsiveness and scale, as expected by the clients we serve.
Ian Stephenson, global head of product, for HSBC Fund Services, adds: This launch follows the development of the global custody proposition in the Middle East market over the last two years. Project investment leveraged HSBCs global strategic fund administration technology platform, enabling a wider range of value add services and benefits to be brought to clients in the region.
(CG)