HSBC appoints Target to service investment portfolio
HSBC has appointed leading financial outsourcer and software
solutions company Target Group to manage and service one of its
structured investment product portfolios.
The contract will see the management of investment funds for
5,500 customers from Target's modern servicing operation in
Newport, South Wales.
Target is now managing all aspects of the investment portfolio
following an efficient transfer period of only four weeks. The new
contract sees Target taking control of account administration and
customer servicing as well as handling redemptions on maturity and
processing early surrenders.
Target specialises in business process outsourcing (BPO) for banks,
financial services providers and loans and savings portfolio
owners. This contract win supports Target's strategic
direction to add savings and investment product administration
outsourcing and software solutions to its offering. HSBC joins
Target's established list of blue-chip clients which include 25% of
the world's top 20 banks.
Commenting on this new contract win, James Snow, CEO of Target
Group said: "Target has demonstrated its ability to manage a
significant investment portfolio for HSBC. This complements our
proven track record in loan servicing. Target now services
both loans and savings and investments products - with specialist
teams, all on our single core technology platform. Target
offers banks real choice to efficiently manage their diverse loan,
mortgage and investment portfolios."
Published: 21 July 2010