HSBC Launches Fund Administration Services in Thailand
In this article (4)
This move is in line with the change in the securities services landscape in Thailand, which has relaxed outsourcing rules to boost the efficiency of local fund managers’ operations.
By outsourcing their back-office operations to HSBC, asset owners and managers will be able to focus on their core offerings, the bank said in an announcement on Tuesday.
The service will be available on HSBC’s Multifonds fund administration platform. HSBC clients already have access to custody and fund supervisory services offered by the bank.
“Our clients have expressed a keen desire to improve efficiency and reduce cost, reduce operational risk, adapt to their investors’ need and manage regulatory changes effectively, Utumporn Viranuvatti, HSBC head of securities services, Thailand, said in the announcement.
The bank said it has many other offerings planned as a part of HSBC Securities Services’ Asia-first strategy to accelerate growth in the region by ramping up its investment in additional solutions and capabilities.
HSBC has been expanding its offerings in Thailand as part of its bid to strengthen its Asean coverage. HSBC Private Bank launched its onshore business in the kingdom in February 2021, the bank’s second onshore business in the region after Singapore.
Questions & Answers
Q.Why has HSBC decided to launch these fund administration services in Thailand now?
Why has HSBC decided to launch these fund administration services in Thailand now?
HSBC's move aligns with recent changes in Thailand's securities services landscape. The country has relaxed outsourcing rules to help local fund managers operate more efficiently, creating an opportunity for the bank.
Q.What benefits can Thai asset owners and managers expect from using HSBC's new services?
What benefits can Thai asset owners and managers expect from using HSBC's new services?
By outsourcing back-office operations to HSBC, asset owners and managers can concentrate on their main business activities. This aims to improve efficiency, reduce costs and operational risks, and assist with managing regulatory changes.
Q.Is this a new venture for HSBC in Thailand, or part of a wider strategy?
Is this a new venture for HSBC in Thailand, or part of a wider strategy?
This is part of HSBC Securities Services' 'Asia-first strategy' to boost growth in the region through increased investment in solutions. It also strengthens HSBC's broader Asean coverage, following the launch of its Private Bank onshore business in Thailand in 2021.
Reader pulse
Is HSBC's new service a major shift for Thai fund managers?
17,946 votes so far