HSBC Fund Management (Malta) Ltd, which has to date provided both investment management and fund administration services, has been restructured, with the latter business activity to be undertaken by a separate and autonomous company – HSBC Securities Services (Malta) Ltd.
Shaun Wallis, HSBC chief executive officer, said: "This restructuring exercise will enable both companies to focus on their core competencies: HSBC Fund Management (Malta) Ltd will now concentrate on maximising investment returns to its customers and launching innovative products that meet the needs of Maltese investors. HSBC Securities Services (Malta) Ltd will, in turn, provide a full range of services in connection with fund administration, including fund accounting, processing of investor records, compliance reporting and corporate secretarial services."
Charles J. Farrugia, head of corporate investment banking and markets, stated: "The provision of fund administration services by an independent company underscores the HSBC Bank Malta p.l.c. commitment to provide the best service to our customers." Mr Farrugia added that these customers would benefit from a global service by one of the largest fund administrators in the world, having a presence in Bermuda, Dublin, Hong Kong, and Isle of Man among others, and with assets under administration exceeding USD1 trillion.
Both HSBC Fund Management (Malta) Ltd and HSBC Securities Services (Malta) Ltd will be relocated to Valletta and thus HSBC can now provide a high level of service for institutional business, be it banking, custody, investment management or fund administration, from a one stop shop.
Mr Wallis stated that HSBC Fund Management (Malta) Ltd and HSBC Securities Services (Malta) Ltd will be headed up by Stephen Pandolfino and Charles Azzopardi respectively, who both have a breadth of experience in investment management and servicing of institutional clients. Mr Wallis concluded, "Clearly, this continues to show HSBC's commitment to strengthen resources in this key and expanding area."