UK - HSBC's Global Investor Services has been reappointed as custodian at the two leading regional pension funds.
The Royal Borough of Kensington & Chelsea and the West Yorkshire Pension Fund - with assets of £205m and £1.3bn assets respectively - both rehired HSBC following tenders issued earlier this year. At the time both firms insisted that there were no concerns around HSBC’s service and that the reviews were prompted by the expiry of fixed term contracts.
Paul Kidd, head of financial services at Royal Borough of Kensington & Chelsea said: “We conducted a comprehensive review and testing of the market for global custody services for our pension fund. Overall, the proposal from HSBC offered the Council the best value for money at the present time and reassures continuity in the standard of service provided.”
Also commenting, Stuart Imeson, head of pensions and investments for West Yorkshire said: “HSBC submitted a very competitive tender by comparison to all other tenders received. We enjoyed a good working relationship with HSBC under the existing contract and I am confident that this will continue.”
HSBC’s GIS has over 1,400 clients, with assets under custody exceeding US$1trn in 70 markets worldwide.
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