Koscom Enters Asset Management IT New Business by Acquiring HSBC Fund Services

[Asia Economy Reporter Oh Ju-yeon] Koscom is acquiring HSBC Fund Services, a general administrative management company, to become a leading technology company in the asset management industry.

Koscom announced on the 26th that it will enter the asset management IT industry by acquiring all shares of HSBC Fund Services held by HSBC.

HSBC Fund Services, which is being acquired this time, is a general administrative management company that handles accounting for asset management companies, calculates fund net asset values, manages compliance tasks, and supports back-office and IT service operations for asset management firms.

The reason Koscom is entering the asset management IT industry is due to the increasing importance of asset management amid population aging and low interest rates. Recently, the scale of domestic asset management increased by KRW 167 trillion (15.2%) from KRW 1,096 trillion at the end of 2017 to KRW 1,263 trillion at the end of 2019. Along with market expansion, demand for asset management IT services, including general administrative management tasks, is also increasing.

Koscom plans to introduce excellent IT services from advanced asset management countries with strong global competitiveness to raise the level of domestic asset management services. While expecting synergy effects such as discovering convergence services that combine the securities market and asset management market, Koscom will also introduce real-time asset management systems seen in advanced countries' asset management IT services and enable portfolio construction using robo-advisors to provide global-level services. Additionally, it plans to differentiate itself from competitors by offering financial cloud-based solutions and promoting operational efficiency for client companies through AI and Robotic Process Automation (RPA).

Through this, Koscom aims to achieve innovative growth as a Wealth-Tech Platform company. A Wealth-Tech Platform refers to a total asset management platform that provides data and IT infrastructure by utilizing AI, big data, OpenAPI, and other technologies to help client companies effectively manage assets.

Jung Ji-seok, CEO of Koscom, said, "After the acquisition, we plan to grow into a game changer in the asset management IT field optimized for data business through large-scale investments," adding, "In this process, we will do our best to increase jobs in the financial IT sector and create new markets."

This content was produced with the assistance of AI translation services.