HSBC Securities Services announced yesterday that its relationship with UK insurer Royal and Sun Alliance had expanded to include the provision of a full range of investment accounting and regulatory services for the company’s general insurance assets. These consist of 20 funds with a combined value of over 5 billion. Following the successful tender, HSBC assumed responsibility for the funds in April, providing a valuation service and client reporting.
“This win demonstrates the strength and flexibility of our securities services offering, extending our existing relationship with Royal & SunAlliance,” says Mike Martin, Head of HSBC Securities Services, Europe.
“It further consolidates our position as one of the leading service providers to the insurance sector.”
George Culmer, Chief Financial Officer, Royal & SunAlliance Insurance Group, adds that he is “pleased to further extend our relationship with HSBC Securities Services and to appoint them as administrator to our general insurance assets.”