HSBC picks Clearstream for fund processing, distribution
HSBC has chosen Clearstream, Deutsche Börse’s Luxembourg-based post-trading service provider, as its global partner for administering investment fund activities for fund order routing, safekeeping, settlement and distribution support services.
Mutual fund outflow persists in May, inflow for ETFs
Mutual funds saw net outflows last month at a rate of more than one billion euro per day, while firms selling Exchange Traded Funds experienced a small level of net inflows, according to new data from Refinitiv Lipper.
Mutual funds experienced net outflows of 32.3 billion euro last month, compared to net inflows of 2.5 billion for Exchange Traded Funds.
HSBC’s Chris Allen named Group CEO at Quintet
Luxembourg-based Quintet Private Bank on Thursday said that it has named Chris Allen as Group CEO. Allen, who spent the past 15 years moving up the ranks at HSBC, brings over three decades of financial services experience to the role and will take up the position on 1 July. His appointment is subject to regulatory approval.