HSBC Securities Services has been mandated to provide custody and fund administration services for Allianz across six Asian markets, adding more than $14bn in assets under custody.

Covering Allianz’s insurance business in Indonesia, Korea, Malaysia, Singapore, Taiwan and Thailand, HSBC has already finished the on-boarding process for the new mandate.

Allianz reportedly selected HSBC after a competitive tender due to the bank’s on-the-ground presence in each of Allianz’s core markets.

As part of the on-boarding process, HSBC has developed a custom reporting functionality for use by Allianz designed to help the firm comply with Solvency group reporting requirements. The service also provides daily portfolio performance analytics information.

Cara Brosnan, HSBC Securities Services’ head of insurance sector, sales and business development for Asia Pacific, commented: “Insurance is an important sector for our Securities Services business and an area where we see strong opportunities for growth, as firms increasingly look to outsource operational activity to focus on core investment management.”