A loosening of outsourcing rules in Thailand has led HSBC Securities Services to launch a fund administration service for asset managers and owners.
The move from the Thai Securities and Exchanges Commission is designed to increase local fund managers’ operational efficiency.
The bank’s Thai clients already have access to custody and fund supervisory services but will now be able to access fund administration services via the Multifonds platform which is used by HSBC for the Asian market.
“Our clients have expressed a keen desire to improve efficiency and reduce cost, reduce operational risk, adapt to their investors’ need and manage regulatory changes effectively,” said Utumporn Viranuvatti, head of HSBC securities services in Thailand.
The launch is also in line with HSBC’s ‘Asia-First’ strategy for which it plans to invest US$6 billion in targetting asset managers in the region.
The bank has also been expanding its presence in Thailand. HSBC Private bank launched an onshore business in February.
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