HSBC wins Canara Robeco mutual fund mandate in India


20 May 2008

HSBC Securities Services has won the outsourced fund administration mandate for a leading fund manager – Canara Robeco Asset Management Company (AMC). With assets under management of INR3721.63 crore (USD930 million) as of 30 April 2008, this complex project has been completed by HSBC Securities Services in a record time of two months.

“This mandate is in line with the growing trend towards outsourcing back-office processing by mutual funds in India to specialised providers like HSBC,” said Vikramaaditya, head of HSBC Securities Services, India. “The Bank’s comprehensive product proposition for fund administration along with the expertise of a dedicated implementation team contributes significantly to the success of the mandate and timely completion of this project in a short timeframe of two months. This mandate reinforces HSBC’s premier position in the Indian securities service space as a key partner to the funds sector and demonstrates our capabilities to seamlessly transition existing fund administration process from asset management companies.”

Paul Vrancken, Chief Operating Officer, Canara Robeco AMC said, “The outsourcing of fund administration is a key strategic initiative for Canara Robeco AMC and aligns perfectly with our business model in India. The successful transition of the fund administration process enables us to focus on growing our business in the Indian market.”

HSBC Institutional Fund Services, a division 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.

Canara Robeco Asset Management Company Ltd. is a joint venture between Canara Bank, one of the largest banks in India servicing nearly 31 million customers through its 2600-plus nationwide branch network and Robeco Group NV, a 75-year-old asset manager, with over INR8,09,000 crore (USD 202.25 billion) under management as of 31 December 2007.

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