HSBC, London, outsourced its £1.8 billion ($2.9 billion) in defined contribution assets to Fidelity Worldwide Investment, said Phillip Bretnall, chief operating officer at HSBC Bank Pension Trust (U.K.).
Assets had been managed by its in-house investment platform provider, HSBC Life. The company announced it was selling the U.K. pensions business to ReAssure Ltd. in June.
“HSBC Life announced its decision to exit the pensions market so we began looking for another provider and settled on Fidelity as offering an excellent understanding of what we needed and minimum disruption for our members,” said Mr. Bretnall in an e-mail.
Fidelity will provide investment-only services to the U.K. plan. Towers Watson will continue to administer participant accounts through its technology and administration unit.