The Royal Borough of Kensington and Chelsea has appointed HSBC Securities Services (HSS) to provide its pension fund with investment accounting.
This new mandate follows the re-appointment of HSS as the scheme’s global custodian earlier last year. HSS will maintain conventional investment accounting records and produce periodic valuations for the authority.
“We are keen to reduce our transaction processing workload which has previously been duplicating information already held by the custodian,” says Paul Kidd, Head of Financial Services, Royal Borough of Kensington and Chelsea. “Maintenance of our prime accounting records and reconciliation of balances by HSS will save us a lot of effort and enable us to concentrate on more productive activities.”
This is the first time it has taken these services from the same organisation and, says HSBC, demonstrates the growing demand from pension scheme sponsors and trustees for a comprehensive suite of products from their global custodian bank.
“We are delighted that The Royal Borough of Kensington and Chelsea has confirmed the quality of HSS’ investment administration service,” adds Paul Stillabower, Head of Business Development for HSS in Europe. “We are looking forward to continuing to build on our mutually beneficial relationship.”