Samsung Fire & Marine Insurance (SFMI) has appointed HSBC as global custodian for part of its investment portfolio in the United States, Europe, Japan and China.
Earlier this month, the bank completed an asset transition of a sizeable portion of SFMI’s fixed-income portfolios in the US, Europe and Japan, after it onboarded in May the insurer’s initial investment directly in the China market through its Renminbi Qualified Foreign Institutional Investor license.
HSBC’s Securities Services offer global, regional and domestic solutions encompassing global custody, direct custody, trustee and fund administration. Its global custody services cover 96 markets with 38 proprietary networks.
SFMI is part of the Samsung Group’s financial arm and provides a variety of non-life insurance products and total risk solution services, including private pension to personal customers and commercial clients in domestic and overseas markets. Founded in 1952, SFMI is listed on the Korea Exchange with 71 trillion won (US$60.49 billion) of assets under management.