Marks and Spencer Money, the financial services arm of the UK retailer, has appointed HSBC Securities Services as fund accountant to over £1.2 billion of mutual fund assets. The UK bank will provide investment accounting services for its unit trust, unit linked and life fund products. This mandate extends an existing custody relationship.
“HSBC’s strong product, accounting platform, flexible reporting and very high service levels were some of the key factors in the decision,” says Paul Shingler, Head of Savings and Investment at Marks and Spenmer Money. “We are looking forward to a long and rewarding relationship.”
Ian Stephenson, Head of Fund Administration and Trustee Services at HSBC says the mandate demonstrates the strength of the bank’s mutual fund offering. “It consolidates our position as a leading provider in the UK mutual funds market,” he says. “We are looking forward to working closely with Marks and Spencer Money in the years ahead.”