HSBC rolls out admin for private equity

No longer must PE clients rely on a system designed for hedge funds.

HSBC Alternative Fund Services is introducing a new service to support private-equity funds, says Drew Douglas, New York-based managing director and global head of product management.

Until now, the bank has processed PE funds using the same platform it developed for its hedge fund clients the platform originally developed by Bank of Bermuda, which HSBC acquired in early 2004. The bank says it has $200 billion of alternative assets under administration worldwide, of which only 5%, or $10 billion, is for private equity funds. The rest is mainly for single-strategy hedge funds and for funds of hedge funds.

Shortly after the acquisition, the division, headed by...

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