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."


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...