HSBC selects State Street for custody services
12 April 2018 London
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State Street has been appointed by HSBC Alternative Investments Limited in Luxembourg to provide custody and administration services for its new loan fund.
State Street will be the sole provider of several services including, global custody and depositary, fund administration, as well as regulatory reporting services for the European Market Infrastructure Regulation, Foreign Account Tax Compliance Act and Solvency II.
David Suetens, country head for State Street in Luxembourg, said: “Unprecedented changes in regulation, private equity buyout activity and increases in mergers and acquisitions have radically changed the opportunities in both the global loan and direct lending markets.
He added: “Our ability to provide customised, bespoke service solutions for our clients positions us perfectly to support HSBC with its new and innovative diversified loan fund.”
“For us, this appointment underlines our ability to provide comprehensive, customised service models in support of these new and innovative alternative products coming to market.”
State Street will be the sole provider of several services including, global custody and depositary, fund administration, as well as regulatory reporting services for the European Market Infrastructure Regulation, Foreign Account Tax Compliance Act and Solvency II.
David Suetens, country head for State Street in Luxembourg, said: “Unprecedented changes in regulation, private equity buyout activity and increases in mergers and acquisitions have radically changed the opportunities in both the global loan and direct lending markets.
He added: “Our ability to provide customised, bespoke service solutions for our clients positions us perfectly to support HSBC with its new and innovative diversified loan fund.”
“For us, this appointment underlines our ability to provide comprehensive, customised service models in support of these new and innovative alternative products coming to market.”
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