HSBC selected as custodian for Milford AM and Perennial Partners in Australia
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HSBC selected as custodian for Milford AM and Perennial Partners in Australia 01 March 2024Australia Reporter: AST
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HSBC Australia has been appointed as custodian and fund administrator for Australian fund manager Perennial Partners, supporting collective investment and exchange-traded fund services for the Sydney-based boutique asset manager across its funds in 25 markets.
HSBC has also been appointed to provide custody services to Milford Asset Management’s Australian and New Zealand fund range across 24 markets. This custody mandate is now live, following migration of assets to HSBC Australia in August 2023.
Milford indicates that it selected HSBC after a competitive tender process which invited bids for a service partner with a strong focus on client service, a complementary footprint in the trans-Tasman region and the ability to scale the business in line with the asset manager’s growth strategy.
Commenting on HSBC’s appointment, Milford’s chief operations officer John Paull says: “We are pleased to appoint HSBC as custodian. Offering seamless cross-border transactions in many countries, including securities services capabilities in emerging markets, HSBC Australia’s extensive experience and scale in providing custody and clearing services to both foreign and domestic investors in Australia since 1991 was appealing.”
Perennial Partners indicated that, in choosing HSBC as custodian-administrator, it was looking for an asset servicing partner capable of supporting its growth trajectory as the buy-side firm continues to expand in the Australian market.
Perennial’s head of operations Suzanne Bentley says: “HSBC’s ongoing investment has enabled Perennial to consolidate listed managed funds, unit trusts and venture capital and private administration into a single platform, facilitating an enhanced service experience for Perennial clients and their advisers.”
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