Credit Suisse To Outsource Fund Of Funds Admin. In Guernsey

Mar 14 2011 | 12:27pm ET

Credit Suisse is to hand over the administration of its Guernsey-based funds of hedge funds to a third-party firm.

The move will occur over the next six months and affect more than 40 employees of the bank's Guernsey fund administration business, which employs about 300 people, HedgeWeek reports. It is unclear if the departing employees will join the new administrator, which Credit Suisse declined to identify other than to say it is "one of the biggest fund of funds administrators globally."

"The outsourcing of our fund of funds administration business in Guernsey involves devolving a non-core administrative function, which is in line with our strategy to provide a core, client-oriented service focusing on offering strong investment performance to our asset management clients," a spokeswoman from Credit Suisse said.

The spokeswoman added that the move had nothing to do with Credit Suisse' impending acquisition of hedge fund administrator Fortis Prime Fund Solutions.


In Depth

Electronifie: Better Bond Trading

May 11 2016 | 3:03pm ET

Technology has revolutionized countless aspects of investing and trading, but the...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...