Thursday, 31 July 2014
Last updated 11 hours ago
May 30 2013 | 11:06am ET
HSBC Holdings has big plans for its Asia prime brokerage.
The bank hopes to double the unit's assets over the next year, building on recent growth in the region. HSBC's Asia-Pacific prime finance unit was ranked the region's sixth-largest prime broker over the last 12 months by AsiaHedge, up from eighth a year earlier.
"For everyone, it has been a challenging year," the unit's head, Melvyn Ford, told Bloomberg News. "We definitely announced our arrival. We're trying to pick the clients and partner with clients that really want to be trading counterparts of HSBC."
The bank is already the biggest hedge-fund administrator in the region.
Ford said he aims to reach his goal by taking on several larger clients; "I don't envisage us taking a huge number of new prime clients based in the region; maybe between five and 10 a year." he said.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…