HSBC Launches Fund Administration Services in Thailand
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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, HCBC head of securities services, Thailand, said in the announcement.
The bank said it has many other offerings planned 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.What is the primary reason for HSBC launching fund administration services in Thailand now?
What is the primary reason for HSBC launching fund administration services in Thailand now?
This 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 HSBC's new services.
Q.Which specific HSBC platform will host these new fund administration services?
Which specific HSBC platform will host these new fund administration services?
The new fund administration services will be made available to clients on HSBC’s Multifonds fund administration platform. This platform facilitates the outsourcing of back-office operations for asset managers.
Q.What other financial services does HSBC already offer its clients in Thailand?
What other financial services does HSBC already offer its clients in Thailand?
HSBC clients in Thailand already have access to custody and fund supervisory services from the bank. The new fund administration offering expands their existing range of securities services in the market.
Q.How do these new services fit into HSBC's broader strategy for the Asian region?
How do these new services fit into HSBC's broader strategy for the Asian region?
These new services are part of HSBC Securities Services’ 'Asia-first strategy' aimed at accelerating growth in the region. HSBC plans to invest more in additional solutions and capabilities, strengthening its Asean coverage.
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