HSBC recently reviewed its fund-administration clients, something it does from time to time to gauge whether the relationships are mutually beneficial and whether to maintain them, said another person. The people asked not to be identified because the information is private.
'From an admin point of view, serving a client that has $20m in assets would be just as much as serving a client with $200m - you still have to do the same asset valuations', said Allard de Jong, the group director at Portcullis Fund Administration (S) Pte in Singapore and a former head of Alternative Fund Services at HSBC there.
Hit the link below to access the complete Bloomberg article:
HSBC Said to End Administration Ties With Some Hedge Funds
Global Economy Distress 3.0 Looms as Emerging Markets Falter
RBS May Seek More Time to Sell Branches as Santander Walks
image: © Howard Lake
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