HSBC Securities Services has been appointed custodian for US insurer MetLife across three key Asian markets, adding more than $8.7 billion in assets under custody.
The mandate includes a range of global and domestic custody services to cover MetLife’s businesses in Australia, Hong Kong and South Korea.
“HSBC is delighted to extend its broader banking and custody relationship with MetLife in Asia,” said Cara Brosnan, regional head of insurance sector sales, HSBC Securities Services.
“Insurance is an important sector for our Securities Services business and an area where we see great opportunities as the insurance business grows in Asia.”
HSBC Securities Services has bolstered its global custody team over the past few months after losing several key figures, including its Asian custody expert Ryan Cuthbertson to Standard Chartered in July.
In November it named Citi’s Jane Karczewski as head of global custody product, and earlier this month appointed Jason Nabi as global head of innovation from Paxos.