Invesco quits HSBC platform for Bank Consortium

The fund house says it will get better IT and service for processing its MPF business.

Invesco is in final stages of transitioning its processing business from HSBC to Bank Consortium Trust, a move that could presage long-anticipated consolidation in the Mandatory Provident Funds servicing industry. The change is the culmination of longstanding concerns from Invesco about having a rival such as HSBC handling administration for its MPF business.

The review began when HSBC acquired Bank of Bermuda in 2004, a fund administrator that had serviced many asset managers' accounts. But Kerry...

To continue reading, please login or register for free

Click for more on: invesco | quits | hsbc | platform | bank | consortium

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...