This move is in line with the change in the securities services landscape in Thailand, which has relaxed outsourcing rules to boost the efficiency of local fund managers’ operations.
By outsourcing their back-office operations to HSBC, asset owners and managers will be able to focus on their core offerings, the bank said in an announcement on Tuesday.
The service will be available on HSBC’s Multifonds fund administration platform. HSBC clients already have access to custody and fund supervisory services offered by the bank.
“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, Utumporn Viranuvatti, HCBC head of securities services, Thailand, said in the announcement.
The bank said it has many other offerings planned a part of HSBC Securities Services’ Asia-first strategy to accelerate growth in the region by ramping up its investment in additional solutions and capabilities.
HSBC has been expanding its offerings in Thailand as part of its bid to strengthen its Asean coverage. HSBC Private Bank launched its onshore business in the kingdom in February 2021, the bank’s second onshore business in the region after Singapore.