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Standard Chartered to acquire RBC Investor Services Trust Hong Kong
Deal allows bank to expand into city’s pension fund trusteeship business
The Asset 13 Jan 2022

Standard Chartered Bank (Hong Kong) (SCBHK) has agreed to acquire RBC Investor Services Trust Hong Kong, allowing it to expand into the Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) schemes trusteeship business in the city.

The strategic acquisition, subject to regulatory approval, will further enhance SCBHK’s securities services capabilities and client base, demonstrating its strong commitment to growing its custodian and fund servicing business, SCBHK says in a statement.

RBC Investor Services Trust Hong Kong is an indirect subsidiary of Royal Bank of Canada, and an approved trustee authorized by the Mandatory Provident Fund Schemes Authority. It provides a full suite of services, including trustee, fund administration, custody and transfer agency services, to MPF and ORSO schemes, as well as other Hong Kong and offshore investment funds.

“Hong Kong is a key market to Standard Chartered. We remain highly confident in the outlook as Hong Kong continues to grow as an international financial centre,” says Mary Huen, chief executive officer, Hong Kong, Standard Chartered. “Over the past 20 years, the net asset value of MPF schemes has kept increasing and now exceeds HK$1 trillion (US$128.3 billion). The acquisition demonstrates our commitment to investing in growth areas, enhancing our client offering, and supporting the development of the retirement planning industry.”

Simon Kellaway, regional head of financing and securities services, Greater China & North Asia, at Standard Chartered, notes: “Standard Chartered has always been one of the leading securities services providers in Hong Kong. The acquisition of RBC Investor Services Trust Hong Kong Limited is fully aligned with SCBHK’s strategy and will enable us to offer trustee services for MPF schemes and other eligible investment funds in the future, significantly expanding the bank’s securities services capabilities and creating new business opportunities.”

Francis Jackson, CEO, investor services, RBC Investor & Treasury Services, adds: “Our strategy is to focus on North America and Europe – our key markets of growth. We thank our colleagues and clients in Hong Kong for their partnership, and remain committed to supporting each of them during the transfer.”

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