HSBC fund administration services will now be undertaken by a separate and autonomous company - HSBC Securities Services (Malta) Ltd, Shaun Wallis, HSBC's chief executive officer, has announced. The move is part of a restructuring of HSBC's fund management business in Malta. HSBC Fund Management (Malta) Ltd has to date provided both investment management and fund administration services.
Mr Wallis explained: "This restructuring exercise will enable both companies to focus on their core competencies: HSBC Fund Management (Malta) Ltd will now concentrate on maximising investment returns to its customers and launching innovative products that meet the needs of Maltese investors.
"HSBC Securities Services (Malta) Ltd will, in turn, provide a full range of services, including fund accounting, processing of investor records, compliance reporting and corporate secretarial services."
Charles J. Farrugia, head of Corporate Investment Banking and Markets, added that customers will benefit from a global service by one of the largest fund administrators in the world, having a presence in Bermuda, Dublin, Hong Kong, and Isle of Man among others, and with assets under administration exceeding $1trillion.
Both HSBC Fund Management (Malta) Ltd and HSBC Securities Services (Malta) Ltd will be relocated to Valletta, which means HSBC can now provide banking, custody, investment management or fund administration, from a one stop shop.
HSBC Fund Management (Malta) Ltd and HSBC Securities Services (Malta) Ltd will be headed up by Stephen Pandolfino and Charles Azzopardi respectively, who both have a breadth of experience in investment management and servicing of institutional clients.