Admin Re has selected HSBC Securities Services (HSBCSS) to provide global custody services and investment accounting for approximately £16bn ($24bn) worth of policyholder assets under management in the UK.
HSBCSS is part of HSBC's global banking and markets business, whilst Admin Re acts as a closed-book consolidator of life and pensions policies and is a subsidiary of Swiss Re. According to HSBCSS, a large part of the team dealing with Admin Re's assets will be based in Scotland.
Mike Woodcock, global financial controller for Admin Re, said: "We expect HSBC to help Admin Re provide even better service to our customers to meet their evolving needs."
HSBC already supplies similar investment services to Phoenix Life, another closed-book consolidator, among others.
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