
BNP Paribas Acquires HSBC Hedge Fund Admin Business
BNP Paribas has agreed to acquire HSBC’s hedge fund administration division, bolstering the French banking group’s asset servicing for liquid alternatives and hedge fund managers.
The agreement includes HSBC’s hedge fund administration activities in Hong Kong, Singapore, Ireland, and Luxembourg. The services will be transferred to 25 clients worldwide, and selected staff will be integrated into BNP Paribas’ teams.
Clients of BNP can anticipate a broad range of front-to-back liquid alternative and hedge fund outsourcing solutions, including core fund administration, depositary, custody, cash, FX, financing, global markets, and prime brokerage.
“The liquid alternatives and hedge funds sector are 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,” said Philippe Benoit, head of strategic business development and transformation at BNP Paribas Securities Services.
The deal is expected to be completed by the end of 2024.