Print Article
Email A Friend
Your Opinion
News Alerts

HSBC to acquire total control of Asian institutional fund registry JV

24th November 2005

HSBC is to buy United Overseas Bank (UOB) of Singapore�s stake in Asia Fund Services (AFS) for $2.6 million.

AFS, which offers shareholder services in Singapore, was established in February 2004 as a joint venture between HSBC and UOB. Under the joint venture, the two companies developed a new share registry service and reporting system catering for the needs of institutional fund services clients in Singapore.

UOB�s 50% stake in AFS will cost HSBC S$4.5 million. Upon completion, AFS will be 100% owned by HSBC Institutional Trust Services (BVI) and renamed HSBC Securities Services (Transfer Agency).

Commenting on the development Nick Bryan, head of HSBC Securities Services in Asia Pacific, said: "We have great confidence in the shareholder services software that has been developed by Asia Fund Services. The improved functionality, flexibility and efficiency of the system allow HSBC to unify its shareholder services globally.

"Full ownership of Asia Fund Services will enable us to accelerate the transfer of clients to the enhanced platform in a seamless and efficient manner."

Print Article Email A Fiend Your Opinion News Alerts
  • Comment on this Article
Sign up to our weekly newsletters for the latest industry news & comment.
 I would like to receive Business Digest
 I would like to receive Distribution News
 I would like to receive Financial Services Digest
 I would like to receive Retail Banking News
 I would like to receive Savings & Investments News

Email Address

  • Unsubscribe details are contained within each Email
  • To subscribe simply enter your Email address in the box above and click the subscribe button
  • Read our privacy policy if you have concerns about our use of data