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Direct Investment  + Alternative Assets  + Hedge Funds  + M&As  |  November 27, 2023
BNP Paribas Acquires HSBC Hedge Fund Admin Business
Joe Palmisano
By: Joe Palmisano

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.

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Inside The Story

BNP Paribas HSBC

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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