HSBC

We spoke to HSBC's head of product solutions - regulatory change, Paul Ellis, about how the bank managed the implementation of UCITS V and the similarities with getting over the line with AIFMD, how this directive has impacted custody arrangements and what the future holds for the UCITS brand.

HSBC has added the United States to its network of markets in which the bank clears and custodies the assets of its clients directly. HSBC has done all this, with varying degrees of difficulty, in dozens of markets around the world. But doing it in the United States is far from being a case of business-as-usual. It in fact marks a major break with the past. The question is why.

Fund managers have traditionally based their funds offshore to ensure they can distribute their funds to investors everywhere without worrying that the income and capital gains they generate might be taxed at a higher rate than their investors appreciate. ACS, the as yet little noticed onshore vehicle created by the UK government and tax authorities, might be about to rewrite that logic.

Ed Turner of HSBC provides an overview of ACS, the new UK fund vehicle:

Thomas Murray spoke to John Van Verre about HSBC's move to launch a US direct custody and clearing model - what it means for the bank and its clients, how it aids with regulatory challenges in the custody industry and what it means for HSBC in the US.

The Central Bank of Ireland has approved an Irish regulated UCITS fund, a sub-fund of the Arisaig Global Emerging Markets Consumer UCITS fund, to invest directly in China-A shares via the Shanghai-Hong Kong Stock Connect programme. HSBC Institutional Trust Services (Ireland) has been appointed as the custodian bank to the fund’s operations.

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