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HSBC inks deal to enter Australian superannuation sector
Bank’s global reach and suite of asset servicing solutions align with super funds’ increasing focus on offshore investment
Tom King 27 Jan 2023

HSBC Australia has teamed up with the Australian Institute of Superannuation Trustees (AIST) to expand its services into the Australian superannuation sector.

Under the partnership, HSBC will collaborate with AIST in supporting and informing institute members of key industry trends and insights that can assist with international mandates.

The AIST partnership will form an important platform for HSBC as it looks to increase its business with Australian superannuation funds across areas such as securities services, foreign exchange, real assets and asset management.

HSBC Australia is the largest sub-custodian in Australia with over AU$1.6 trillion (US$1.1 trillion) in assets under custody. The bank offers a suite of asset servicing options that allow super funds to execute their investment strategies and safeguard their clients’ assets.

Time of change

Commenting on the partnership, Nick Wheeler, head of markets and securities services for Australia and New Zealand at HSBC, says: “Australian super funds’ increasing focus on offshore investment is absolutely the right strategic decision for their members given the projected size of AUM by the end of the decade.

“Our knowledge of global markets, combined with our suite of solutions including global asset management, securities services and access to public and private investments, means we’re uniquely placed to assist asset owners and managers on their investments decisions and we believe AIST is the ideal partner and platform to deliver this insight to the industry.”

AIST chief executive officer Eva Scheerlinck welcomes the opportunity to build a strong relationship with HSBC. “We appreciate the support provided and value added for our member funds across the profit-to-member sector by our partners, particularly by HSBC with its global reach, broad service offering and expertise in offshore markets at a time when our member funds are increasing their global investments.”

The new partnership comes at a time of change for Australia’s superannuation industry, with a growing number of funds investing heavily into international public and private assets, shifting more of investible assets into non-Australian dollar currencies, and re-establishing their investment execution decisions and asset management in-house.

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