HSBC Wins Global Custody Mandate for Swiss Re’s UK Admin Unit

HSBC Securities Services has been selected by Swiss Re’s UK Admin RE operation to provide global custody and investment accounting for its £16 billion of assets under management.

The appointment follows a competitive tender by Admin Re, which acts as a closed-book consolidator of life and pension policies.

HSBC will take over from RBC Dexia Investor Services, which had provided custody and net asset valuation services from 2007. A large part of the HSBC team for Admin Re will be based in Scotland.

“We are delighted to have been appointed by Admin Re and look forward to building a fulfilling and successful partnership,” says Car Andrews, head of Scotland, HSBC Securities Services.