BNP Paribas Securities Services recently announced the signing of an agreement to integrate HSBC’s hedge fund administration business. In a press release, the French bank stated that the move is a part of its ambition to strengthen its offer as a leading asset servicer for liquid alternatives and hedge fund managers.

Under the agreement, HSBC’s hedge fund administration business will be transferred to BNP Paribas’ entities in several markets, including Hong Kong, Singapore, Ireland, and Luxembourg. The transfer of services will be offered to 25 global clients and will involve “the integration of certain employees within BNP Paribas’ expert teams”.

This transition is in alignment with BNP Paribas’ integrated bank strategy, which “enables the bank’s clients to benefit from a full suite of front-to-back liquid alternative and hedge fund outsourcing solutions – from core fund administration, through to depositary, custody, cash, FX, financing, global markets, and prime brokerage solutions”. The agreement will be implemented by the end of 2024.