HSBC Australia has been selected as custodian for asset management firms Perennial Partners and Milford Asset Management, reports Asset Servicing Times. The bank will be supporting collective investment and ETF services as custodian and fund administrator for the former across 25 markets and providing custody services for the latter’s Australian and New Zealand fund range across 24 markets.

The custody mandate with Milford Asset Management is already in effect, with asset migration to HSBC Australia completed in August 2023.

Perennial’s head of operations Suzanne Bentley says that the partnership with HSBC will enable Perennial to consolidate listed managed funds, unit trusts and venture capital and private administration into a single platform.

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