HSBC named fastest-growing fund administrator 18 January 2019London Reporter: Jenna Lomax
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HSBC Securities Services (HSS) was the fastest-growing UK fund administrator and the largest administrator and custodian of UK authorised contractual scheme (ACS) fund vehicles at the outset of 2018, according to a Monterey Insight UK Fund report.
The report, which provides statistics on active UK-domiciled collective investment schemes, showed HSBC added $33.6 billion of new assets in its UK depositary and custody businesses and $33.1 billion of assets under administration during 2017.
According to the report, this growth equates to over two-thirds of all new UK fund business, more than double that achieved by the rest of the market.
The Monterey report also shows that assets under administration for ACS funds have grown to $122 billion and that HSBC is the largest ACS custodian and administrator, servicing 55 percent of all ACS assets.
ACS funds have steadily increased in popularity since launch and, according to the Monterey report, 16 of the top 20 largest UK sub-fund launches were in ACS structures.
Tim Wood, head of HSS in the UK, commented: “We are delighted with the recent success of our UK fund administration business and have seen further growth in 2018.”
He added: “Client demand is being driven by the strength of our ACS offering and the expansion of our global transfer agency offering into the UK which reflects our commitment to the UK funds market.”
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