BNP Paribas’ Securities Services business announced today the signing of an exclusive agreement to integrate HSBC’s hedge fund administration business, with the ambition of further strengthening BNP Paribas’ offer as a leading asset servicer for liquid alternatives and hedge fund managers.
The agreement covers HSBC’s hedge fund administration business, to be transferred to BNP Paribas’ entities in several markets, including Hong Kong SAR, Singapore, Ireland, and Luxembourg.
The transfer of services from HSBC to BNP Paribas will be offered to 25 clients globally and will involve the integration of certain employees within BNP Paribas’ expert teams.
The proposed transfer of services is fully aligned with BNP Paribas’ integrated bank strategy, which enables the bank’s clients to benefit from a full suite of front-to-back liquid alternative & hedge fund outsourcing solutions — from core fund administration, through to depositary, custody, cash, FX, financing, global markets and prime brokerage solutions.
Philippe Benoit, Head of Strategic Business Development and Transformation, Securities Services, BNP Paribas, commented: “The liquid alternatives and hedge funds sector is 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. Our hedge fund administration offering fully leverages the strengths of BNP Paribas’ integrated banking model, combined with our far-reaching approach to digital innovation and client service. The integration of HSBC’s hedge fund administration business is an opportunity to reinforce our position to meet the ever-evolving needs of hedge funds and grow alongside them through sustainable partnerships.”
The implementation of the agreement is expected to complete by the end of 2024, following the finalisation of client migrations.
About Securities Services at BNP Paribas
BNP Paribas’ Securities Services business is a leading global custodian providing multi-asset post-trade and asset servicing solutions to buy-side and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, its custody network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
Disclaimer
The information contained within this document (‘information’) is believed to be reliable but BNP Paribas does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas’ judgment and are subject to change without notice. BNP Paribas and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request.
BNP Paribas is a credit institution that is authorised to perform banking activities and investment services under the law applicable in France and is subject to prudential supervision on a consolidated basis by the European Central Bank (ECB), in cooperation with the Autorité de Contrôle Prudentiel et de Résolution (ACPR). As a public listed company and as an investment service provider, BNP Paribas is also in France under the supervision of the Autorité des Marchés Financiers (AMF). Its registered office address is 16 boulevard des Italiens, 75009 Paris, France, and its website is https://group.bnpparibas.
BNP Paribas is authorised and regulated by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNP Paribas is authorised by the Prudential Regulation Authority (PRA) and is subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority (PRA). Details about the extent of our regulation by the Prudential Regulation Authority (PRA) are available from us on request. BNP Paribas London Branch is registered in the UK under number FC13447. UK establishment number: BR000170. UK establishment office address: 10 Harewood Avenue, London NW1 6AA.
Services described in this document, if offered in the U.S., are offered through BNP Paribas acting through its New York Branch (which is duly authorised and licensed by the State of New York Department of Financial Services) or BNP Paribas Financial Services LLC, a limited liability company organised under the laws of the State of Delaware; if a securities product, through BNP Paribas Securities Corp., which is a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA); or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA).
In accordance with the General Data Protection Regulation (GDPR), European Regulation no. 2016-679, depending on the nature of the processing of the personal data concerned, you have a right of access, rectification and erasure of your personal data together with the right to restrict or object to the processing of such data. For more information on the General Data Protection Regulation (GDPR), details regarding processing purposes, and data retention principles, as well as your rights in relation to the processing of your personal data by BNP Paribas SA, in the context of Securities Services activities, please refer to our data protection notice: https://cib.bnpparibas/data-protection-notice/.