Rathbone Unit Trust Management has selected HSBC Securities Services to provide custody and fund administration services for its new Luxembourg-domiciled open-ended collective investment, or SICAV, fund.
The new fund will offer Europe-based investors access to Rathbones’s UK funds, allowing them the same investment strategies, yields and share class options as UK investors, plus the addition of share class currency and currency hedge protection.
It allows Rathbones to cost-effectively distribute funds to European investors without replicating the full portfolio of the master fund.
HSBC designed and implemented the operating model to support the new structure, allowing access from Luxembourg to the UK master fund, which is also serviced by HSBC.
Carol Hughes, head of client services and securities services for HSBC Luxembourg, commented: “Our Luxembourg and UK teams are working in collaboration to service Rathbones’s funds and enable them to efficiently expand their business across borders. This mandate demonstrates our ability to support new, innovative fund structures and cross-border distribution strategies.”