HSBC Securities Services (HSS) has been appointed by Tabula, a fixed income asset manager, to provide a service solution across fund administration, depositary and custody to its new exchange-traded fund (ETF) platform in Europe.
Tabula, which is based in London, offers Irish-domiciled UCITS funds, mainly in the form of ETFs.
The asset manager plans to launch a range of fixed-income ETFs targeted at pan-European investors.
HSS Ireland holds in excess of US $200 billion in assets under custody and administration across 50 clients from its offices in Dublin.
Cian Burke, global head of HSS, said: “We are delighted that Tabula has chosen HSBC to service these new ETFs. We have invested heavily in both our ETF technology and people, and continue to do so. As a group, HSBC is hugely committed to the ETF business globally. We believe this appointment is an endorsement of this strategy.”
Tony McDonnell, country head of HSS in Ireland, commented: “This is a strategically important win for our Irish business and we are excited about Tabula’s plans. HSBC is proud to partner with Tabula in what we believe to be an innovative approach to the market.”
He added: “ETFs continue to contribute a large part of the growth in the European investment fund industry. Ireland is central to this development and we have worked very hard to ensure we are leaders in this space.”
Michael John Lytle, CEO of Tabula, said: “Ireland is the natural jurisdiction in which to innovate and develop new fund businesses. HSBC is the perfect partner to support us. The bank is customer-focused and results-oriented, supporting us on every level as we strive to differentiate our offering and deliver investors aggressively-priced, compelling products in a highly- competitive environment.”