It proved to be a robust year for the pan-European mutual funds market as investors regained some confidence in equity and bond markets. Furthermore, low rates on cash deposits lured investors to riskier assets.
HSBC Securities Services proved ideally placed to benefit from the recovery, with a number of important client wins and new offerings for the Exchange Traded Fund (ETF) market and the UK investment trust sector. It also benefited from the breadth of its expertise, introducing a new passive hedging service and a new mutual fund trading platform – HSBCfast.
HSBC Securities Services worked closely with the wider HSBC group in building its new offering for the ETF market. In turn, this brought significant enhancements to the group’s traditional fund offering. For example, the group has implemented a ‘follow the sun’ net asset value solution using common platforms that allow it to support traditional funds with Asian and European valuation points from Europe, and funds with North American and global valuation points from Asia.
Another significant innovation has been HSBC Securities Services’ joint venture with HSBC Prime Services to support equity-long and equity-long-and-short strategies. The forex prime services business went live in May 2010.
This year has also seen some important technical innovation, such as the delivery mechanism within the HSBCnet client internet portal, which was enhanced to allow clients to receive scheduled reports and extracts via a secure file transfer. The client report writer was enhanced to allow reporting templates to be shared with users within the same organisation.
HSBC Securities Services believes that its strong balance sheet reassures clients that its assets are safeguarded. It also enables the Group to provide market-leading indemnities and warranties for many of its services.
Its global network was another key advantage, particularly its sub-custody network in some of the world’s most operationally difficult emerging markets. Its operating model was built with an emphasis on segregation and transparency.
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