BNPP to integrate HSBC’s hedge fund admin business

BNP Paribas’ securities services business has signed an exclusive agreement to integrate HSBC’s hedge fund administration business. The agreement covers HSBC’s hedge fund administration business, to be transferred to BNP Paribas’ entities in several markets, including Hong Kong SAR, Singapore, Ireland, and Luxembourg. 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. Implementation of the agreement is expected to complete by the end of 2024, following the finalisation of client migrations.

HSBC made the following statement: “While HSBC’s securities services business has taken the decision to exit hedge fund administration services, the alternatives sector continues to be a focus of growth for us, including private assets fund administration and prime services, both of which have seen a strong performance over the course of the year. The agreement we have entered into with BNP Paribas will enable the 25 institutional clients, affected by this decision to transfer their hedge fund administration requirements to BNP Paribas.”

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