Invesco is in final stages of transitioning its processing business from HSBC to Bank Consortium Trust, a move that could presage long-anticipated consolidation in the Mandatory Provident Funds servicing industry. The change is the culmination of longstanding concerns from Invesco about having a rival such as HSBC handling administration for its MPF business.
The review began when HSBC acquired Bank of Bermuda in 2004, a fund administrator that had serviced many asset managers' accounts. But Kerry Ching, Hong Kong CEO at Invesco, says the decision ended up being about getting better service and a better technology platform.
We wondered what kind of functionality we could get and...
