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...

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