Wednesday, 24 December 2014
Last updated 10 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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