UK financial services provider HSBC Holdings plc has won a custodian and fund administration services mandate from the Australian unit of German insurer Allianz SE.
It will provide custodial and fund administration services for Allianz Australia’s general and life insurance businesses, HSBC says in a statement on August 14.
The value of the mandate was not disclosed. HSBC says it was chosen following a competitive tender.
According to Nick Wheeler, the company’s head of markets and securities services for Australia and New Zealand, winning the mandate “underlines the strength of HSBC’s securities services offering and our continued focus on the Australian market”.
HSBC had more than A$1.7 trillion (US$1.2 trillion) of assets under custody in Australia as of end-2024.
