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HSBC onboards Asia custody and fund administration mandate for Allianz

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HSBC Securities Services (HSS) has successfully onboarded a mandate to provide custody and fund administration services for Allianz across six markets in Asia, adding more than USD14 billion in asset under custody.

The mandate covers Allianz’s Insurance business across Indonesia, Korea, Malaysia, Singapore, Taiwan and Thailand. Regionally headquartered in Singapore, Allianz appointed HSBC following a competitive tender. This was due to HSBC’s extensive proprietary network across Asia; its on-the-ground presence in each of Allianz’s core markets, with local service delivery and client service teams; as well as HSBC’s regional management and oversight overlay. As part of the onboarding process, HSBC developed highly customised reporting functionality to support Allianz with group reporting requirements related to Solvency and provide daily portfolio performance analytics information.

Cara Brosnan, Regional Head of Insurance Sector, Sales and Business Development, Asia Pacific, Securities Services, HSBC, commented: “We are delighted to extend our broader banking relationship with Allianz with this significant and strategic mandate. Insurance is an important sector for our Securities Services business and an area where we see strong opportunities for growth, as firms increasingly look to outsource operational activity to focus on core investment management.”

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