HSBC Securities Services (HSS) has been selected as a depositary and administrator by EFG Asset Management (EFGAM), overseeing its New Capital Fund Lux, based in Luxembourg.
HSS will service the Luxembourg-domiciled open-ended collective investment, or SICAV, fund, New Capital Fund Lux.
EFGAM assumed management of the BSI public funds, including the New Capital Fund Lux, after its parent company EFG International purchased BSI in November 2016.
The fund is an UCITS funds umbrella, with $1.3 billion assets under management and 20 sub-funds, managed by EFGAM.
EFGAM chose HSS based on the “strength of our existing relationship with HSBC in Ireland”, according to Claudio Camplani, director and chairman of EFGAM.
HSS is currently the administrator of EFGAM’s Irish-domiciled UCITS fund.
Carol Hughes, head of client management and securities services for HSBC Luxembourg, said: “We are extremely delighted to have this opportunity to build on the existing relationship in HSS and expand our partnership with EFGAM.”
Camplani added: “HSBC’s continued support will allow us to expand our business in Luxembourg whilst leveraging a consistent and effective operating model, ultimately allowing us to offer a greater quality of service to our clients.”
