Invesco quits HSBC platform for Bank Consortium

Invesco is in final stages of transitioning its processing business from HSBC to Bank Consortium Trust, a move that could presage long-anticipated consolidation in the Mandatory Provident Funds servicing industry. The change is the culmination of longstanding concerns from Invesco about having a rival such as HSBC handling administration for its MPF business. The review began when HSBC acquired Bank of Bermuda in 2004, a fund administrator that had serviced many asset managers' acc…