HSBC wins Canara Robeco mutual fund mandate in India

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Mumbai, May 20 (UNI) HSBC Securities Services has won the outsourced fund administration mandate for a leading fund manager--Canara Robeco Asset Management Company (AMC).

With assets under management of Rs 3721.63 crore (US$ 930 million) as of April 30 2008, this complex project has been completed by HSBC Securities Services in a record time of two months.

" This mandate is in line with the growing trend towards outsourcing back-office processing by mutual funds in India to specialised providers like HSBC," said Vikramaaditya, Head of HSBC Securities Services, India.

"The Bank's comprehensive product proposition for fund administration along with the expertise of a dedicated implementation team contributes significantly to the success of the mandate and timely completion of this project in a short timeframe of two months. This mandate reinforces HSBC's premier position in the Indian securities service space as a key partner to the funds sector and demonstrates our capabilities to seamlessly transition existing fund administration process from Asset Management Companies", he said.

Paul Vrancken, Chief Operating Officer, Canara Robeco AMC said the outsourcing of fund administration is a key strategic initiative for Canara Robeco AMC and aligns perfectly with their business model in India. ''The successful transition of the fund administration process enables us to focus on growing our business in the Indian market", he added.

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