CCR Magazine

HSBC has appointed leading financial outsourcer and software solutions company, Target Group, to manage and service one of its structured investment products’ 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.”
 
(Source - Target Press Release)