HSBC has claimed a majority of the Australian sub-custody market.

The big banking group announced this week that it now has over 50 per cent market share in Australia based on figures released by the Australian Custodial Services Association (ACSA).

HSBC said the ACSA data showed that it was number one in the market for sub-custody assets, boasting 59.58 per cent market share in assets held for cross-border clients.

Commenting on the data, HSBC head of securities services Peter Snodgrass said the increase in market share was the result of organic growth from the acquisition of new clients as well as increased business from existing clients.

“The growth in cross-border assets has been augmented by increasing demand for our core custody services from domestic asset managers,” he said.

Snodgrass said the group was well positioned to meet growing domestic demand as the scalability of its technology allowed it to handle increased volumes.