Direct Line Group has selected HSBC Securities Services as its custodian and middle-office services provider.
The UK insurer with assets of £6.6 billion under management selected the bank due to its sizeable balance sheet and track record with UK and European insurance companies, according to HSBC.
Rafael Moral Santiago, head of HSBC Securities Services in Europe, said: “We are delighted to have won the business for such a prestigious UK insurance company. Working with Direct Line Group demonstrates our ability to win business in this competitive and growing sector.”
The new mandate follows the announcement of HSBC’s Q1 2017 results. The bank achieved a 12 percent increase, a rise of $42 million, in securities services revenue during Q1 2017.
Revenue rose from $363 million to $405 million year over year, and from $391 million quarter over quarter.
