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
Citco: Fund admin for alternatives approaching tipping point
22 February 2018 | London | Reporter: Becky Butcher
Fund administration for the alternatives industry is approaching tipping point, according to the Citco Group of Companies
SimCorp selected by German pension fund
19 February 2018 | Berlin | Reporter: Jenna Lomax
SimCorp Dimension has been selected by Soka-Bau, a German pension fund, to manage its new front to back office investment management platform
Sino selects PFS-PAXUS fund administration software
16 February 2018 | Hong Kong | Reporter: Jenna Lomax
PFS-PAXUS offers a back-office fund accounting, portfolio valuation, fund pricing and transfer agency administrative solution on a single, fully integrated system
Blue Point Capital partners with PEF Services for fund administration
15 February 2018 | New Jersey | Reporter: Jenna Lomax
PEF Services will provide fund administration services to Blue Point to scale operations and support the firm’s growth
NSD offers clients opportunity to settle transactions via ICSDs
14 February 2018 | Moscow | Reporter: Jenna Lomax
The National Settlement Depository, Russia's central securities depository, has launched a new service to open individual accounts with international clearing systems
Maitland chosen as fund administrator for two Guernsey-domiciled funds
06 February 2018 | St Peter Port | Reporter: Jenna Lomax
Maitland will provide both firms with fund administration and company secretarial services
BNP Paribas reports ‘excellent business drive’ in 2017
06 February 2018 | London | Reporter: Jenna Lomax
BNP Paribas’s end-of-year report showed that 2017 was a year of strong growth in assets under custody and assets under administration
More fund services news