HSBC Pulls Plug On U.S. Hedge Fund Administration

Feb 3 2012 | 12:25am ET

HSBC Holdings' New York hedge fund administration unit is the latest victim of the bank's cutbacks in the U.S.

HSBC said it would close the division of HSBC Securities Services in the U.S., potentially costing 200 people in New York their jobs. The bank said it will move the business to Dublin, Ireland, where it already has a substantial administration presence.

But it won't be taking all of its clients with it to the Emerald Isle: HSBC has reportedly told some clients they should seek other fund administrators.

Total job losses from the closure will not be known for between six to nine months. Some positions may be moved to Dublin.

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