BlueCrest To Move US$5 Billion To HSBC Admin.

Mar 2 2012 | 6:09am ET

BlueCrest Capital is poised to entrust more than one-sixth of its assets to HSBC Securities Services, a mandate encompassing some US$5 billion.

London-based BlueCrest said last year that it would begin to use HSBC's administration services in addition to those of GlobeOp Financial Services, which had previously handled all of BlueCrest's funds. But the first fund didn't fully migrate until January, giving HSBC US$250 million of the hedge fund's assets.

By the end of the year, that figure is likely to grow to US$5 billion, much more than initially expected, HFMWeek reports. BlueCrest has almost US$30 billion in assets under management.

Next year and beyond, HSBC's share could grow even more, a source told HFM. Some reportedly expect BlueCrest to drop GlobeOp, currently seeking to sell itself to TPG Capital, altogether.

Last year, GlobeOp CEO Hans Hufschmid said his firm had "a very good relationship" with BlueCrest.


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