HSBC expands its relationship with EFG Asset Management

13 Octobre 2017
EFG International, EFGAM’s parent company, closed a deal in November 2016 to buy BSI.
(Photo: Jessica Theis / archives )

HSBC securities services (HSS) in Luxembourg, part of HSBC’s global banking and markets business, has been mandated as depositary and administrator for new capital fund Lux, a UCITS funds umbrella with USD 1.3 bn assets under management and 20 sub funds managed by EFG Asset Management (EFGAM). EFGAM has already a strong existing relationship with HSS in Ireland, which has recently expanded to HSS in Luxembourg, through the migration of their Luxembourg SICAV.

Carol Hughes, head of client management at HSBC securities services in Luxembourg, commented: ‘We are extremely delighted to have the opportunity to build on the existing relationship in HSS and expand our partnership with EFG Asset Management.’

Commenting on the migration, Claudio Camplani, director and chairman at EFG Fund Management S.A. Luxembourg, said: ‘We appointed HSBC in Luxembourg as our new administrator based on the strength of our existing relationship with HSBC in Ireland, the administrator of our Irish-domiciled UCITS fund. HSBC’s continued support will allow us to expand our business in Luxembourg whilst leveraging a consistent and effective operating model, ultimately allowing us to offer a greater quality of service to our clients.’

EFG International, EFGAM’s parent company, closed a deal in November 2016 to buy BSI. As part of the integration, EFGAM subsumed management and oversight of the BSI public funds, including new capital fund Lux (former BSI – Multinvest). In order to leverage the existing HSS/EFGAM relationship and operating model, EFGAM migrated the fund to HSS in Luxembourg. The migration was successfully completed in July 2017.

The fund is registered for distribution in Switzerland and Italy, and the vast majority of sub funds are also distributed in Singapore. The fund’s investors are a mix of EFG’s discretionary mandates and direct retail clients, mainly from Italy and Switzerland. 

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