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.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.