HSBC Fund Services (Korea) Limited to adopt SWIFT


11 Jun 2008

HSBC Fund Services (Korea) Limited has introduced Society for Worldwide Interbank Financial Telecommunication (SWIFT) capability for its fund administration services on 11 June 2008. It would be the first fund administrator to adopt the technology in Korea.

The introduction of SWIFT will provide a more effective and secured means of communications, allowing HSBC Fund Services (Korea) Limited to access various organisations located globally as participating members. The automated and timely provision of funds performance information through SWIFT will further enhance Straight Through Processing (STP) procedures in fund administration and provide better services for the increasing number of overseas funds.

H G Yoo, chief executive officer of HSBC Fund Services (Korea) Limited, said, "The introduction of SWIFT proves our commitment to provide high-quality services through continuous investment in the system and technology."

HSBC Fund Services (Korea) Limited is one of the leading fund administrators in the country. It provides a full range of fund administration services including fund accounting, valuation, reporting and investment compliance monitoring. Dedicated staff members work enthusiastically to meet clients' needs and exceed their expectations.

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.

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