The partnership comes at a time of change for Australia’s super industry, with a growing number of funds investing heavily into international public and private assets, shifting more of investible assets into non AUD currencies, and re-establishing their investment execution decisions and asset management in-house.
As one of AIST’s major partners, HSBC will collaborate with AIST to help inform members of key industry trends and insights that can assist with international mandates.
Commenting on the partnership, Nick Wheeler, Head of Markets and Securities Services for Australia and New Zealand, HSBC, said: “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 CEO Eva Scheerlinck said AIST welcomed the opportunity to build a strong relationship with an organisation of the calibre of 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,” Ms Scheerlinck said.
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, FX, real assets and asset management.
HSBC Australia is the largest sub-custodian in Australia with over AU$1.6 Trillion in Assets under Custody, and complements this offering with a complete suite of asset servicing options that allow super funds to execute their investment strategies and safeguard their clients’ assets.
HSBC BANK AUSTRALIA
In Australia, the HSBC Group offers an extensive range of financial services through a network of 41 branches and offices. These services include retail and commercial banking, trade finance, treasury and financial markets, payments and cash management and securities custody. Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited (ABN 48 006 434 162 AFSL/Australian Credit Licence 232595) and The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970 and AFSL 30173).
AIST is the peak body for the $1.7 trillion profit-to-member superannuation sector, which includes industry, corporate and public-sector funds.