HSBC has launched its fund administration services for the growing mutual funds sector in Bahrain. HSBC is the first international financial institution to offer both custody and fund administration services in Bahrain.
Bahrain is one of the largest centres in the Middle East for fund registration for Gulf Co-operation Council states. With the Bahrain Monetary Agency’s sophisticated regulations governing mutual funds and the increasing number of new funds being registered by fund managers, HSBC is launching an Institutional Fund Services operation to meet the growing demand for fund administration services. These services including fund accounting and valuation, transfer agency and registrar services will complement the custody services already offered by HSBC, covering not only investments in Bahrain, but also in other Middle East and North Africa and international markets.
“Bahrain attracts mutual funds from all over the Middle East, and as the only international bank with a branch in Bahrain that can provide fund administration services for mutual funds registered in Bahrain, HSBC can assist fund managers by providing the full range of services they require,” said David Jones, Acting Chief Executive Officer for HSBC Bahrain.
As a leading fund administration services provider in Asia, HSBC has been providing services to local and cross-border institutional clients for over 30 years. In the Middle East, HSBC also offers fund administration services in Saudi Arabia and Qatar.
“The launch of our Bahrain operation demonstrates our commitment to the growing Middle East region. HSBC is well placed to support the mutual funds sector in Bahrain. We will be able to draw on the expertise of our existing network to transfer best practice processing and systems to Bahrain,” said Arindam Das, Senior Vice President, Middle East, HSBC Securities Services.