ReAssure Limited, the UK life and pensions company, has appointed HSBC as custodian and fund administrator for GBP28bn (USD36bn) of assets after ReAssure’s GBP650m acquisition of 1.1 million closed life insurance policies from Legal & General. Separately, ReAssure has also appointed HSBC as fund administrator of its shareholder book, amounting to GBP15bn (USD19bn) of assets. The assets under administration for both mandates are made up of fixed income, private debt, interest rate and inflation swaps, global and emerging market equities, cash and gilts. HSBC has been servicing ReAssure since 2015 with a range of custody, fund administration, tax reporting, life fund accounting, cash management and FX services.
