The brief
HSBC Securities Services (HSS) provides comprehensive global, regional and domestic securities services to Investment managers, insurance and pension funds, Sovereign wealth funds, Banks and broker dealers and Corporates and financial institutions. The Fund Services operation within HSS provides services for accounting and valuation, transfer agency, investment operations and corporate secretarial services.
psd began working with HSS’s Fund Services business in 2005 shortly after they had been awarded a contract to provide an outsourced middle and back office service to Gartmore Investment Management. This outsourcing arrangement enabled HSS to leverage Gartmore’s high quality operations and related technology teams and systems, to strengthen their outsourcing proposition to the European investment management industry.
Following the successful conclusion of the outsourcing and to support the business growth ambitions of the HSS business, a new component based technical infrastructure was built to create a more scalable, flexible and proactive services environment. The key components of this new strategic development included new platforms to support reference data, position and holdings warehousing, consolidated client reporting, multi-client trade processing and corporate events automation.
Since then the business has gone from strength to strength, acquiring multiple new clients and introducing a number of new products and services whilst having to react to an ever-changing regulatory environment.
The solution
psd were instrumental in staffing many of the projects that underpinned the development of HSS’s component based technical infrastructure. We worked closely with their technology and business change teams over a number of years, building an unrivalled understanding of their requirements and helping them to identify the talent to support the development and growth of their infrastructure and services.
The result
During that time psd placed over 60 contract/interim resources, providing skills in Programme/Project Management, Business Analysis, Testing and Application Development. These resources combined both subject matter expertise across a range of specific domains in the Fund Services / Asset Management business as well as knowledge of a number of vendor technologies.
Programmes / Projects staffed include:
- Trade Processing – Fiserv TradeFlow
- Corporate Actions – Automation through Checkfree event and later migrating to XSP
- Funds Data Administration – Markit EDM implementation
- Regulatory projects – MiFID II, AIFMD, EMIR, FATCA and Dodd Frank
- Client On-Boarding
- Transfer Agency
- Derivatives Operations & Pricing – Calypso implementation
- Reconciliations – Automation through SmartStream TLM
- Fund Accounting – Demise of legacy platforms and Migration to ICON
- Creation of a Money Market Fund Service
- Cash Management – Implementation of SmartStream CMS
- Performance Measurement – Implementation of BISAM B-One
- Risk Management – RiskMetrics implementation
We won the “Best Transaction/Wholesale Banking Initiative” at the Banking Technology Awards for our Middle-Office Programme. A great achievement. Having so many psd contractors here, it’s something you helped us to achieve, so thank you!
Head of Programme Delivery
__
Business Sector: Banking & Financial Services
Specialist Practice: Accountancy, Finance & Audit, Compliance & Risk
