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HSBC expands alternative funds operations
HSBC will soon provide local services to its global hedge fund and private equity clients, responding to demand from those seeking opportunities in the superannuation market.
HSBC plans to increase its footprint in the Australian market with the introduction of local alternative fund services.
The alternative fund services business will form part of HSBC Securities Services in Australia and will provide local fund accounting, investor servicing and financial reporting to a range of hedge funds, fund of hedge funds, absolute return managers and private equity partners.
HSBC head of fund services, Asia Pacific, Lillian Wong said the group has seen increasing demand from its global hedge fund clients for “onshore servicing in Australia as they target the superannuation dollar”.
Wong said the group aims to provide its clients with a “seamless service” for their Australian domiciled businesses.
The group’s new alternative fund services division will be led by Howard Yip and will be part of the wider HSBC global banking business led by Janie Wanless in Australia.
Earlier this year, HSBC launched a funds and investments wholesale wealth management business and entered the structured product market, focusing on international and emerging markets.
The group said its Securities Services division had been expanded through acquisition and organic growth in recent years. In 2006 HSBC Securities Services became the largest sub-custody provider in Australia when it acquired Westpac’s sub-custody business in Australia and New Zealand for $150 million.
HSBC Securities Services had $382 billion in funds under custody as at July 2008.
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