HSBC gains new global custodian mandate from True Potential
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HSBC gains new global custodian mandate from True Potential 23 June 2021UK Reporter: Maddie Saghir
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HSBC has been appointed as third-party administrator by True Potential for all of the 34 UK authorised funds offered on the firm’s in-house platform, which has £17 billion assets under management (AUM).
The new mandate will see HSBC provide depositary, global custody, fund accounting and transfer agency services to these funds.
True Potential is an original financial technology firm with a strategy to offer its financial advisers and clients the best suite of technology, platform and funds, all designed and managed in-house.
According to Neil Johnson, senior partner at True Potential, as part of that plan, True Potential now runs its own in-house authorised corporate director (ACD), which enables the firm to innovate and bring forward new ideas quickly and with a much greater degree of control.
“We’re pleased to have appointed HSBC to work with us as we continue to grow our platform AUM, currently standing at £17 billion and adding a further £500 million every month,” says Johnson.
Michelle Butler, head of business development and client management, Europe, securities services, HSBC, comments: “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 ACD.”
HSBC’s appointment was made after a detailed procurement and due diligence process.
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