Asia's top asset service providers for the year, explained part 1

AsianInvestor's prestigious Asset Management Awards continue to be the benchmark for excellence in Asia Pacific's investment industry, closely followed by asset managers and service providers throughout the region.

While we've refined our evaluation process over time, our core mission remains unchanged: identifying and celebrating the most innovative and outstanding performers in the regional asset management landscape.

This year, our distinguished judging panel—comprising independent industry experts and senior executives from leading asset owners across Asia Pacific—meticulously evaluated all submissions, providing crucial perspectives in determining our shortlist of exceptional candidates.

The AsianInvestor editorial team then conducted final assessments to select the ultimate winners in each category.

In this first installment, we share the reasoning behind our judges' selections for the asset services awards winners.

AsianInvestor extends sincere appreciation to all participants in this year's program. We were particularly encouraged by the record number of submissions in 2025—our highest participation rate in seven years.

Our judges, editorial team, and awards committee dedicated significant time to thoroughly examining each entry. The effort proved worthwhile, as we received numerous compelling submissions that sparked engaging discussions and debates among our evaluation panels.

We wish to express our profound thanks to our judges for their dedication and expert assessments. Their discerning insights were essential in identifying the most deserving winners across all categories.

Best Audit & Compliance Advisor: EY

EY continued to reinforce its market-leading position in APAC’s asset services sector in 2024, delivering leading-edge solutions across compliance, digital transformation, and ESG.

“There was a long list of achievements over the year,” judges said of this submission. “EY is truly a market leader in its field. While competitors put in a strong showing, they tended to focus on one area while EY was much more comprehensive.”

Over a busy 12 months, the firm led major regulatory and technological advancements, including advising on Singapore’s tax incentive schemes as well as pioneering AI-driven investment tools in Korea, and conducting audits for virtual asset ETFs.

As one of six screening service providers (SSPs) appointed by MAS, EY has been playing a pivotal role in shaping Singapore’s family office tax incentives, helping to ensure a competitive framework for wealth management firms.

The firm’s EY.ai initiative, meanwhile, has been transforming asset servicing with large language models (EYQ), fund tokenisation solutions, and automated financial reporting tools.

EY’s private credit and ESG advisory services have expanded significantly, supporting carbon credit fund formation and launching Southeast Asia’s first green shipping fund.

With high-profile audit wins, including 90% of Asia-Pacific’s top 10 asset managers, and a 6.7% revenue growth, judges said EY has continued to define industry best practice.

Best Bank for Cross-border Custody: BNP Paribas

BNP Paribas has once again been recognised as the Best Bank for Cross-Border Custody, taking out the award for the sixth consecutive year and reinforcing its position as a leader in global asset servicing.

“This was a very well-presented submission and showed that BNP Paribas has a lot of exciting things going on,” judges said.

With a footprint in more than 90 markets, BNP Paribas has developed the operational scale and regulatory familiarity needed to support institutional clients with multi-jurisdictional operations.

Key innovations have driven this success including the expansion of execution-to-custody (ETC), which streamlines trade execution and settlement processes, reducing operational risks.

The firm has also enhanced Stock Connect services, introducing its Multi-Approved Partner (MAP) model, which optimises trade settlement in Hong Kong’s T+0 cycle, reducing risk and costs for institutional clients.

BNP Paribas remains the only global custodian to offer a Shariah-compliant custody solution, allowing investors to manage Shariah-compliant assets seamlessly across international markets.

Additionally, its predictive collateral coverage tool has been a game-changer for pension funds and insurers, providing advanced risk forecasting for OTC and listed derivatives.

Beyond technology, BNP Paribas’ market advocacy has influenced regulatory improvements across APAC, shaping post-trade frameworks in Hong Kong and India’s transition to T+1 settlement cycles.

With a strong track record of landmark client wins and industry-first solutions, BNP Paribas continues to set the standard for cross-border custody services.

Best Bank for Cross-border Custody (Highly Commended): HSBC Securities Services

HSBC Securities Services is highly commended in this category for its strong performance across innovation, digital transformation, and regional growth.

The firm operates in 96 markets, including a proprietary network of 34, and continues to invest in future-ready infrastructure. In 2024, it advanced key initiatives such as Project Rubix and HSBC Evolve, improving automation, data access, and service delivery.

The launch of HSBC Orion marked a major milestone in digital bond issuance, including the first digitally native bond by a private issuer in Hong Kong.

HSBC also expanded its API suite, fund order routing capabilities, and third-party partnerships.

With double-digit asset growth and new market entries in India and the Middle East, HSBC is building on a solid foundation and remains a strong player to watch.

Best Data & Technology Provider: Tradeweb

Tradeweb took out our award for Best Data & Technology Provider, capping off a standout year of growth, innovation, and global expansion.

The firm posted record quarterly revenues of $448.9 million — up nearly 37% year-on-year — and continued to lead the electronification of fixed income trading across more than 70 markets worldwide.

“These were really notable achievements in Asia, with continuous technology enhancements that were reflected in their very significant revenue growth,” judges said of this submission.

In Asia, Tradeweb played a strategic role in two of the region’s most closely watched developments.

In India, it was selected by the Reserve Bank to help test a new access model for foreign investors in the domestic bond market. In China, it expanded its Swap Connect offering, adding new trading flexibility to support rising demand for onshore instruments.

The acquisition of Yieldbroker - the leading Australian trading platform for Australian and New Zealand government bonds and interest rate derivatives – in late 2023 and the integration of its technology throughout 2024 marked another key milestone.

This will allow Tradeweb’s international client base to tap into Tradeweb Australia’s Australian and New Zealand bond and derivative marketplaces, as well as the firm’s reliable pre-trade pricing data offering.

By integrating core trading protocols — including the AUGV Central Order Book, Market on Close, and Exchange for Physical — into its global platform, Tradeweb significantly deepened its presence in Australia and New Zealand.

Meanwhile, its automation tool AiEX gained further traction, now used by 50 clients in Asia to streamline workflows and enhance execution efficiency. As electronic trading evolves, Tradeweb’s capabilities and regional reach are set to keep it firmly in the conversation.

Best Digital Asset Service Provider: HSBC Securities Services

HSBC Securities Services caught the attention of judges in 2025 with its continued leadership in tokenisation, blockchain-based finance, and digital asset custody.

“As always, HSBC is well-positioned in terms of digital assets and tokenised securities,” judges said — a view reflected in the bank’s delivery of landmark initiatives across multiple jurisdictions.

Central to its offering is HSBC Orion, the firm’s proprietary tokenisation platform.

Orion has enabled digitally native bond issuance in Hong Kong, Luxembourg and Singapore — including the first GBP-denominated tokenised bond with the European Investment Bank, and the world’s first multi-currency digital green bond for the Hong Kong SAR Government.

HSBC has also taken steps into digital commodities. Via its Evolve trading platform, the bank launched tokenised gold, giving both retail and institutional investors access to secure, traceable digital ownership of physical assets.

Beyond product development, HSBC has been playing an active role in shaping global standards. Its involvement in Project Guardian (MAS) and Project Ensemble (HKMA) reflects its commitment to building the framework for tokenised funds, CBDCs, and cross-border digital settlements.

With a growing suite of capabilities and a seat at the table in key global initiatives, HSBC is well placed to influence how digital assets are integrated into mainstream finance.

Best Fund Administrator: HSBC Securities Services

HSBC Securities Services stood out as the leading contender for Best Fund Administrator in 2025, recognised for the breadth of its capabilities, strong regional momentum, and consistent focus on digital innovation.

“There was little to touch this submission in terms of the range of the offering,” judges said. “If you’re looking for the broadest range of capabilities, then HSBC is the standout winner.”

It was a range, too, backed by scale. Assets under administration rose to $3.2 trillion over the past year, with notable growth in Hong Kong, Singapore, Taiwan and Thailand.

A major contributor has been the firm’s ETF Platform Solutions, which helps issuers streamline fund administration.

In Taiwan, HSBC played a leading role in developing the local ETF market, including the rollout of a next-gen order management system in partnership with Calastone.

HSBC Securities Services has also been at the forefront of tokenisation efforts.

It was a core participant in Singapore’s Project Guardian and helped support Hong Kong’s first multi-currency digital green bond issuance.

On the tech front, the bank continues to invest in tools like Data Studio — its real-time reporting platform — as well as AI-led automation for NAV and derivatives processing.

Judges said HSBC’s combination of scale, innovation and regional expertise continues to set the benchmark for fund administration in Asia.

Best Fund Administrator (Highly Commended): Carta

Carta earned a Highly Commended nod in this year’s Best Fund Administrator category for its integrated platform, strong client retention, and rapid regional growth.

Its technology-led approach connected more than 200,000 limited partners across venture capital, private equity, credit, and real estate. Carta’s real-time system replaced traditional admin silos, supporting 30% year-on-year growth in APAC and the Middle East.

Client engagement was a key strength.

Carta has maintained zero client churn in APAC since 2021 and regularly supported managers across multiple fund cycles. Its acquisition of Tactyc added valuable budgeting and forecasting tools, while the launch of a flexible KYC platform addressed cross-border compliance.

Carta also invested in community-building through LP/GP summits, regional webinars, and client data insights drawn from its $3 trillion platform, impressing judges.

By aligning innovation with practical service delivery, Carta continues to evolve as a trusted partner for fund managers across private markets.