HSBC has been appointed as custodian and fund administrator by ReAssure, the UK life and pensions company.
As part of the deal, HSBC will service £28 billion in assets after ReAssure’s £650 million acquisition of 1.1 million closed life insurance policies from Legal & General.
For fund administration, HSBC will oversee ReAssure’s shareholder book, which amounts to £15 billion in assets.
The assets under administration for both mandates comprise fixed income, private debt, interest rate and inflation swaps, global and emerging market equities, as well as cash and gilts.
HSBC has been servicing ReAssure since 2015 with a range of custody, fund administration, tax reporting, life fund accounting, cash management and foreign exchange services.
