HSBC has secured custody mandates for two UK pension funds, building on its impressive roster of UK securities services clients.
The bank has extended its long-term securities services partnership with the National Grid UK Pension Scheme, while also being appointed by Cadent Gas Pension Scheme for a range of back-office services including global custody and fund accounting.
HSBC will also provide the Cadent Gas Pension Scheme with performance measurement, private equity fund administration and securities lending services.
The appointment of HSBC followed a detailed due diligence exercise managed independently.
“We’re delighted to continue the long-standing partnership with the National Grid UK Pension Scheme and for the opportunity to support the Cadent Gas Pension Scheme in delivering a number of key back-office services in line with the Trustees’ current and future requirements,” said Dale Grieve, European head of asset owners, securities services, HSBC.
The mandates provide the latest boost to HSBC’s UK global custody offering for asset owners. In January, HSBC announced it had been reappointed by the British Broadcasting Corporation (BBC) as the global custodian and fund administrator for its £17.3 billion pension scheme.
Last year, it was also selected as the custodian and fund administrator for UK life and pension fund ReAssure to service $43 billion of its assets.
Earlier this week, the UK’s National Local Government Pension Scheme (LGPS) released an updated framework for global custody services, with five custodians involved including BNY Mellon, HSBC, Northern Trust, State Street and CACEIS.