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The move allows asset managers and asset owners to connect seamlessly with HSBC through a single platform.
HSBC on Tuesday announced that it will offer access to its Securities Services’ products via «Aladdin» – a Blackrock-run platform that helps assets managers check risk in their portfolios, trade, manage data management, and other operational tasks, from the first half of 2021, starting in Hong Kong and Singapore.
Aladdin – or asset, liability, debt, and derivatives investment network – was conceived by the New York-based firm in the late 1990s as an internal tool. Today, it is one of Blackrock’s most powerful tech tools that it sells to smaller rivals, in a bid to stave off pressure on its active management fund arm from cheaper index funds.
Sebastien Danloy, HSBC Securities Services’ global head of asset owners and managers, said joining the network adds to HSBC’s capabilities to connect to its clients’ front-office platforms and to offer front-to-back solutions in an open architecture environment to the asset management community.
Integrating HSBC’s middle office, custody, and fund administration services with Aladdin will help clients access real-time data, streamline their workflows, reduce their manual processes and improve their operational efficiencies, the bank said in the announcement.
HSBC currently administers $500 billion in assets for 20 global asset managers who already use Aladdin.
