HSBC wins ICICI Prudential Mutual Fund

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23 Apr 2008

ICICI Prudential Asset Management Company (AMC), one of the leading AMCs in India, has appointed HSBC Securities Services to provide fund accounting for over 100 schemes. With assets under management of USD13.6 billion (as of 31 March 2008), this is the largest and most complex third-party outsourcing project ever undertaken in the Indian funds industry.

"The Indian market has a unique and complex set of requirements in fund accounting. The successful implementation of this initiative demonstrates our ability to invest in the customisation of global solutions for the Indian market. This mandate reinforces HSBC's leading position in India's securities services market as a key partner to the funds sector," Jayant Rikhye, Head of Institutional Fund Services, Asia-Pacific, HSBC said. The investment made by HSBC in facilitating a smooth transition is a testimony to the Bank's continued commitment to the Indian market.

This mandate is in line with the growing trend towards outsourcing back-office processing by mutual funds to specialised providers like HSBC. Manoj Agarwal, Chief Operating Officer, ICICI Prudential Mutual Fund said: "The outsourcing of fund administration is a key strategic initiative for ICICI Prudential AMC and will enable us to have a sharper focus on activities such as funds management and client servicing."

HSBC's global network and its expertise in the business are critical factors contributing to the successful completion of this project. The Bank is now one of the largest players in the market, offering a suite of products including fund accounting, custody and related securities services.

HSBC Institutional Fund Services, which is part of HSBC Securities Services, has operations in 27 countries and territories in North and South America, Europe, the Middle East, Africa and Asia-Pacific. It has assets under funds administration of USD1.3 trillion and assets under custody of USD6 trillion as of 31 December 2007.

ICICI Prudential Asset Management Company Ltd is a joint venture between ICICI Bank, a well-known and trusted name in financial services in India and Prudential Plc, one of the UK's largest players in the financial services sector. ICICI Prudential AMC manages schemes to investors spread over 260 cities in the country through an extensive network of branches.

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