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Laxman Pai, Opalesque Asia: BNP Paribas' Securities Services business has signed an exclusive agreement to take on HSBC's hedge fund administration business, with the ambition of further strengthening the French multinational lender's offer as a major asset servicer for liquid alternatives and hedge fund managers.
The transfer of services from HSBC to BNP Paribas will be offered to 25 clients globally and will involve the integration of certain employees within BNP Paribas' expert teams. It will impact BNP Paribas' entities in several markets, including Hong Kong SAR, Singapore, Ireland, and Luxembourg.
According to a press release, the proposed transfer of services is fully aligned with BNP Paribas' integrated bank strategy, which enables the bank's clients to benefit from a full suite of front-to-back liquid alternative & hedge fund outsourcing solutions - from core fund administration, through to depositary, custody, cash, FX, financing, global markets, and prime brokerage solutions.
Philippe Benoit, Head of Strategic Business Development and Transformation, Securities Services, BNP Paribas, said: "The liquid alternatives and hedge funds sector is a focus area for BNP Paribas. We have steadily invested in this field, with a strong emphasis on our integrated and innovative banking solution range across BNP Paribas' Securities Services and Global Markets business lines."
"Our hedge fund administration offering fully leverages the strengths...................... To view our full article Click here
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