they don’t own a single share. It’s holdings on behalf of Australian Superfunds and global pension funds, plus some fund managers and high net worth individuals. They hire HSBC as a custodian to safe guard the shares and do the administration. You’ll find our Australian Superfunds have to by law, use a custodian bank such as HSBC or JP Morgan to do this. They protect against cyber, and do the administration etc. It’s fairly standard 101 investing.
This is why custodian banks are generally always the top 20 shareholders, but they don’t own them. It’s on behalf of a ton of underlying investors (mainly pension funds). Even if it was to go bankrupt tomorrow, those shares are not owned by HSBC, they revert to the owner.
NAB Price at posting:
$17.12 Sentiment: Buy Disclosure: Held
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