Met Office strikes data deal with HSBC

The Met Office has struck an agreement with HSBC to provide weather and climate change data to the bank's fund managers.

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This is the first such deal the Met has brokered with a bank and the details of the service have yet to be ironed out. According to a Met spokeswoman, it could well involve the streaming of weather data to fund managers at the bank.

The move is in line with a strategy by the bank to mitigate long-term and short-term risk in fund investments.

The Met will be providing HSBC fund managers with climatic data and forecasting for 10, 25 and up to 50 years into the future to help them more accurately predict how weather systems will affect the economies of the world.

Met Office chairman Robert Napier said the information will help fund managers to assess risk and alter their funds accordingly.

"The impact of climate change and weather on our world has been accepted by the finance industry as a key driver of financial decision making. Through the use of our research and advice, fund managers will be able to better manage their risks and adapt portfolios to meet the challenges of our changing climate," he said in a statement.