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.
Vestima, Clearstream’s investment fund processing infrastructure, enables processing of all types of funds – from mutual funds to hedge funds, private equity and ETFs – on a single platform. Clearstream Fund Centre provides centralised contract maintenance and commission management as well as the exchange of data and information between distribution partners and fund providers, the firm said in a statement.
By centralising fund processing and distribution support services with Clearstream, HSBC’s Markets & Securities Services business will have comprehensive support for fund order routing and settlement services, resulting in enhanced operational efficiencies and broader coverage of the fund universe.
Synergies
“We selected Clearstream as our global partner to simplify our post-trade operations, drive digitisation and enable further growth for fund order routing and settlement activities,” said Sebastien Danloy, global head of investor services at HSBC.
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 59 domestic markets worldwide. With 16 trillion euro in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities.
“We are delighted to be collaborating with HSBC in this partnership, which will create high operational synergies and optimise the mutual growth of our funds business,” said Philippe Seyll, chief executive officer of Clearstream Fund Centre.
Headquartered in London, HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of nearly three trillion dollars at 30 June 2022, HSBC is one of the world’s largest banking and financial services organisations.