(Boursier.com) — The Securities Services business of BNP Paribas announced the signing of an exclusive agreement aimed at integrating the hedge fund administration activity of HSBCwith the ambition to strengthen BNP Paribas’ offering as a leader in solutions for liquid alternative asset managers and hedge funds.
The agreement covers HSBC’s hedge fund administration business, which will 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 worldwide and will involve the integration of certain employees within BNP Paribas’ teams of experts.
The proposed transfer of services is part of BNP Paribas’ integrated banking strategy, which allows the bank’s clients to benefit from a range of front-to-back outsourcing solutions for liquid assets and hedge funds. ‘ — from fund administration to depository control, securities custody, treasury, foreign exchange, financing, Global Markets and Prime Brokerage services.
Implementation of the agreement is expected to conclude at the end of 2024, following the completion of customer migrations.
During the session, BNP Paribas shares fell -0.86% to 56.31 euros.
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