HSBC Wins New BlueCrest Admin. Mandate

Aug 22 2011 | 12:31pm ET

One of Europe's biggest hedge funds has apparently become too big for just one administrator.

BlueCrest Capital Management plans to move some of its funds from GlobeOp Financial Services to HSBC Securities Services, HFMWeek reports. At least one of the roughly 20 BlueCrest funds currently administered by GlobeOp will become an HSBC client.

That move is still in the planning stage—it isn't even clear which fund will migrate—and will follow BlueCrest's review of its administration services. A source familiar with the situation told HFM that the addition of HSBC to BlueCrest's administrator ranks was "a significant project."

The US$26.8 billion London hedge fund will continue to use GlobeOp's services alongside those of HSBC. GlobeOp CEO Hans Hufschmid told HFM, "all I can tell you is that we have a very good relationship with them."

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