Allianz in Asia has selected HSBC Securities Services to provide custody and fund administration services for its insurance business in six regional markets.
HSBC will provide services for Allianz in Indonesia, Malaysia, Taiwan, South Korea, Thailand and Singapore, adding $14 billion to its assets under custody.
According to HSBC, the mandate was based partially on its proprietary network in Asia, and its local presence in Allianz’s key markets.
HSBC also developed a customised reporting function allowing for group regulatory reporting and daily performance analytics information.
Cara Brosnan, HSBC Securities Services regional head of the insurance sector, sales and business development for Asia Pacific, commented: “We are delighted to extend our broader banking relationship with Allianz with this significant and strategic mandate.”
“Insurance is an important sector for our securities services business and an area where we see strong opportunities for growth, as firms increasingly look to outsource operational activity to focus on core investment management.”
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