HSBC wins global custody mandate for fast-growing UK investment manager True Potential

HSBC will provide global custody and fund administration services to all 34 UK-authorised funds offered by True Potential.

By Joe Parsons

HSBC has been appointed as the third-party administrator for True Potential, one of the UK’s fastest growing investment firms.

Under the deal, HSBC will provide global custody, depositary, fund accounting and transfer agency services to all 34 UK-authorised funds offered by True Potential’s in-house platform, comprising assets of over £17 billion.

The appointment was made after a detailed procurement and due diligence process.

“We’re delighted HSBC was awarded this new mandate to provide a range of global custody and fund administration services to True Potential’s UK authorised funds, and to support its newly formed in-house authorised corporate director (ACD).” Michelle Butler, head of business development and client management, Europe, securities services, HSBC.

The mandate is the third for HSBC in the UK this year, after it signed securities services mandates with the National Grid UK Pension Scheme and Cadent Gas Pension Scheme.

HSBC also launched its new UK transfer agency business in June last year, offered to both retail and institutional funds, with an integrated banking, general ledger and accounting system within the platform.

The True Potential group encompasses a wealth management business, advisor services, and an investment management platform, and according to the firm, it is adding a further £500 million of assets every month.

Our strategy is to offer our financial advisers and clients the very best suite of technology, platform and funds, all designed and managed in-house,” said Neil Johnson, senior partner at True Potential.

“We’re pleased to have appointed HSBC to work with us as we continue to grow our platform AUM, currently standing at £17bn and adding a further £500m every month.