Samsung Fire & Marine Insurance (SFMI), a non-life insurance company in Korea, has appointed HSBC as global custodian for part of its investment portfolio in the US, Europe, Japan and China.
Earlier this month, HSBC completed an asset transition of a sizable portion of SFMI’s fixed income portfolios in the US, Europe and Japan.
This comes after the bank’s onboarding of SFMI’s initial investment directly in the China market through its RQFII license in May.
Benjamin O’Hare, head of client management and business development, insurance and public sector Asia-Pacific, securities services, HSBC, said: “We are delighted to be trusted with these important mandates which represent the beginning of a strategic partnership with SFMI. With many years of experience servicing our Korean clients plus our unique international network, we are confident and excited to support SFMI with our custody service solutions.”
SFMI is part of the Samsung Group’s financial arm and provides a variety of non-life insurance products and total risk solution services.
This includes private pension to personal customers and commercial clients in domestic and overseas markets.
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