HSBC to provide alternative fund services in Australia


01 Sep 2008

HSBC Securities Services (HSS) will provide alternative fund services in Australia, offering local fund accounting, investor servicing and financial reporting to hedge fund managers, fund of hedge fund managers, absolute return fund managers as well as private equity partners.

Lilian Wong, Head of Fund Services, Asia-Pacific said, "We have seen increasing demand from our global hedge fund clients for onshore servicing in Australia as they target the superannuation dollar. Our ability to leverage our global footprint and provide our clients with a seamless service for their Australian domiciled business is a powerful story." The new business allows HSS to further leverage its scale and international connectivity of the HSBC Group in the Australian market.

Stuart Davis, Chief Executive Officer of HSBC Bank in Australia added, "The establishment of HSS's alternative fund services division in Australia supports the local strategy, making full use of the Group's global scale and international connectivity and participating in areas where these give us a competitive advantage in Australia."

The alternative fund services division will be run by Howard Yip, Head of Alternative Fund Services, Australia, HSS, and will report functionally to Lilian Wong. HSS, being a key component of the wider HSBC Group, is led by Janie Wanless in Australia.

HSS is a part of the Bank that has expanded through both acquisition and organic growth in recent years. In 2006, HSBC acquired Westpac's sub-custody business in Australia and New Zealand for AUD150 million. The acquisition made HSS the largest sub-custody provider in Australia and made the Australian business the third largest HSS sub-custody market in the region. Since the acquisition, we have continued to grow the sub-custody business organically and have been successful in winning a number of large mandates. It currently has AUD382 billion in funds under custody as at 31 July 2008.

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