BNP Paribas Picks Up Hedge Fund Clients With HSBC Agreement [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
NASDAQ:AMEX Investor Relations:
absa.co.za/about-us/absa-bank/investor-relations
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Source: BNN Bloomberg
BNP's securities services unit signed an exclusive agreement to take over HSBC's hedge funds administration business, according to a statement Tuesday. The agreement allows the 25 institutional clients affected by HSBC's decision to shut down the business to transfer their hedge fund administration requirements to BNP. “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,” HSBC said in a separate emailed statement. BNP is expected to hire some HSBC staff as part of the deal. In recent years, the French banking giant has beefed up its operations dealing with hedge funds even as peers retreated from the profitable yet risky business. The lender took over the prime brokerage business of Deutsche Bank AG and later entered into
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