HSBC Securities Services will from April this year provide investment accounting services to 30 UK mutual funds managed by Jupiter Asset Management. They have a combined value of GBP 10 billion. It follows a tender, but Jupiter is an existing client of HSBC.
“Our relationship with HSBC Securities Services started with their servicing of our institutional funds in 2002 following HSBC’s acquisition of the Bank of Bermuda, which for many years had been involved in the administration of our offshore fund range,” says Jonathan Carey, Joint Group Chief Executive of Jupiter International Group PLC. “We look forward to deepening our relationship still further following our rationalisation of service providers and the consequent appointment of HSBC Securities Services as administrator to our unit trust range.”
Mike Martin, Head of HSBC Securities Services, Europe, has acclaimed the deal as signifying the arrival of the bank as a major force in investment management outsourcing in the UK. “This win demonstrates the success of our component based outsourced service offering, extending our existing relationship with Jupiter,” he says. “HSBC Securities Services now ranks among the top three providers of fund administration solutions to the UK mutual fund market after entering the business just five years ago. We now service four of the top 20 UK mutual fund groups and over 10 per cent of the available assets under management.”