HSBC Securities Services has officially launched transfer agency services in Malaysia through HSBC (Malaysia) Trustee Bhd (HSBC Trustee), the locally incorporated trust entity. With this launch, HSS now offers end-to-end securities services, including trustee, custody (both global and sub-custody and clearing), fund accounting and valuation, as well as transfer agency services in Malaysia.
HSBC Trustee has been appointed by OSK-UOB Islamic Fund Management Berhad to perform transfer agency services on the manager’s behalf. The service will
be the first time a Malaysian fund management company has implemented such an arrangement.
This is another first for HSBC Trustee which was also the first trust company to perform fund valuation on behalf of Malaysian Fund Managers, the first trustee for
Malaysian funds investing overseas and the first trustee for exchange traded funds in Malaysia.
HSBC Trustee has continued to provide strong support for OSK Group Asset Management business growth, including its new Islamic subsidiary which will be launching its first series of Islamic funds.
According to Tuan Haji Md Noor Bin Hj A Rahman, chief executive officer / executive director of OSK-UOB Islamic Fund Management Berhad: “Off-loading non-core functions like transfer agency services and fund accounting to HSBC Trustee allows us to focus on our core competency i.e. fund management and product development. We will also benefit from the HSBC global platform as we expand geographically.”
