HSBC has launched a technology platform to provide private asset administration services to asset owners and managers, as part of the bank’s wider effort to grow its securities services offering in the private asset sector. The new platform, powered by SEI, will offer private asset investors digital workflow and reporting solutions, allowing them to oversee all aspects of their operating model via a consolidated data stack. The initiative will ensure a much broader, more efficient automated service for both general partners and limited partners of investment firms, across the spectrum of the illiquid alternatives market, says HSBC. The technology will be available to private debt, private equity, real estate and infrastructure markets over the coming months. All private asset clients in each region will have access to a consistent operating model for their fund administration requirements, adds the global bank. HSBC continues to grow its securities services offering in the private asset sector, having set up a dedicated business unit in 2019 that specifically caters to clients in this market. HSBC provides a combined client offering that includes asset servicing, transaction banking, foreign exchange and financing. Tony McDonnell, global head of alternative investments, markets and securities services, at HSBC, says: “Given the return opportunities from private assets, we have seen increased demand from investors in this sector wanting the ability to scale their operating model in an automated manner, with access to clean and accurate data. “Data normalisation and aggregation is much sought after by private asset investors, and this new platform will provide this across asset classes and digital delivery channels.”
