HSBC is implementing a layer of APIs that chips away at its underlying legacy tech, while at the same time, standardising data and information flows to its custody clients.
Bank to combine global markets and securities services businesses into a single unit, handing new roles to its two custody heads, Global Custodian understands.
Digitisation of assets could enable fund managers to access hard-to-reach markets, as the continue to combat the drain on traditional active management.
CAM is one of 18 fund managers participating in the VCC pilot programme launched by the Monetary Authority of Singapore last month.
HSBC has targeted Luxembourg as a key growth market for its securities services business.
Data will be a future revenue source for securities services providers, but custodians need to work harder at providing use cases for it before charging clients.
HSBC stated it completed the transition in ‘record time’, after consolidating all custody and fund administration functions for its $18 billion of assets.
State Street has hired a former buy-side executive from HSBC Securities Services to lead its sales initiatives across products and buy-side client sectors.
New Digital Vault service will enable global custody clients of HSBC to access details of their private assets in real-time.
HSBC Securities Services is aiming to capitalise on the growing interest from foreign investors in Middle Eastern markets, particularly Saudi Arabia.