London
09 May 2017
Reporter: Mark Dugdale

HSBC wins Direct Line mandate


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.

More fund services news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
HSBC expands EFGAM relationship
17 October 2017 | Luxembourg | Reporter: Theo Andrew
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
Vaultier 7 chooses Intertrust as its fund administrator
12 October 2017 | London | Reporter: Jenna Lomax
Intertrust will provide V7 with fund administration, reporting and regulatory services
MuniFin adopts Acumen treasury platform
10 October 2017 | Helsinki | Reporter: Theo Andrew
The Helsinki-based MuniFin is “successfully utilising” the platform to manage deal capture, pricing, middle office, reporting, collateral management, back office and risk management processes
APIs will enable future of financial services
09 October 2017 | Paris | Reporter: Theo Andrew
The report, which discussed how APIs affect the financial services industry, SGSS said it is imperative that each financial institution builds an API Framework
SIX launches Swiss derivatives trade repository service
03 October 2017 | Zurich | Reporter: Theo Andrew
The service comes in response to strong demand in the market, and allows large Swiss financial counterparties to report transactions under FMIA before the compliance deadline
RBC tops R&M fund admin survey
03 October 2017 | London | Reporter: Theo Andrew
The R&M Investor Services survey asked asset managers and other financial services clients to score their fund accounting and administration providers out of seven
KDPW files for CDSR authorisation in Poland
03 October 2017 | Warsaw | Reporter: Theo Andrew
According to KDPW, the group will aim to service the Polish market, meaning market participants will not need use foreign post-trade service providers
More fund services news