HSBC Asset Management (India) has named Vikramaaditya as its new CEO, replacing Sanjay Prakash who will take up a yet-to-be announced senior position within the HSBC Group.

Vikramaaditya joined HSBC in 1998 and has held key positions in cash management and securities services for HSBC in India. Prior to this appointment, he was head of HSBC Securities Services for India with responsibility for the custody, fund accounting and corporate trustee businesses for the Bank in India. HSBC Securities Services is the largest sub-custody provider to foreign institutional investors, servicing about 40% of foreign institutional investor (FII) investment in the country.

Kapil Seth, until now head of corporate banking for HSBC in South India, will take over VikramaadityaÆs role and will be the head of HSBC Securities Services in India. Kapil joined HSBC in 1996 and has held positions across personal financial services and global banking. He has global banking experience across diversified sectors and clients based in various locations in India.

"In his new role, Vikramaaditya will be responsible for taking HSBC's asset management business further in India,ö says Naina Lal Kidwai, group general manager and country head at HSBC India. Vikramaaditya could not be reached for comment on his appointment.

Under VikramaadityaÆs leadership, HSBC Securities Services was able to significantly strengthen its position in the country through winning critical mandates.

These include the fund administration mandates from India's Canara Robeco Asset Management to service assets worth $930 million and ICICI Prudential û one of India's largest asset managers û to provide the service to more than 100 schemes.

Fund managers in India have historically administered their assets in-house, but this is changing as they grow in size and HSBC has been able to benefit from this trend. The outsourcing trend has been driven by concerns about their ability to scale-up as assets under management in India's fund industry continue to grow strongly. Technology has also been a factor. In some cases their systems do not support multi-currency accounting.

Earlier this year, HSBC also launched clearing services for institutional investors in India that participate in securities lending and borrowing transactions. The bankÆs securities services division in India have been able to clear positions on the National Stock Exchange of India and the Bombay Stock Exchange on behalf of investors.

With its head office in Mumbai, HSBC Asset Management (India) is part of HSBC Global Asset Management. The company is the investment manager of HSBC Mutual Fund, which was launched in 2002 and holds client assets of more than Rs178 billion ($4.2 billion). HSBC Global Asset Management manages around $397.4 billion worldwide.