HSBC exits certain custody businesses out of Bermuda
13 August 2013 Bermuda
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HSBC Securities Services is wrapping up some of its custody and fund administration services in Bermuda.
“Following a strategic review of the HSBC Securities Services business (HSS) in Bermuda and after careful deliberation and consideration, a decision has been made to discontinue the provision of certain fund administration and custody services from the HSS Bermuda office,” said a statement from the firm.
Registrar and transfer agency services and traditional global custody services will continue to be provided to the HSS Bermuda client base, but their delivery will transition to other HSS offices in Europe.
The statement went on to address job cuts as a consequence of the decision, saying that management of HSBC Bank Bermuda will “endeavour to redeploy those staff members affected wherever it can.”
“It is not expected that there will be any impact in terms of the service proposition delivered to HSS clients. HSS remains committed to providing fund administration services to the hedge fund industry and to the growth and development of its global custody product in order to best serve the local Bermuda market.”
“Following a strategic review of the HSBC Securities Services business (HSS) in Bermuda and after careful deliberation and consideration, a decision has been made to discontinue the provision of certain fund administration and custody services from the HSS Bermuda office,” said a statement from the firm.
Registrar and transfer agency services and traditional global custody services will continue to be provided to the HSS Bermuda client base, but their delivery will transition to other HSS offices in Europe.
The statement went on to address job cuts as a consequence of the decision, saying that management of HSBC Bank Bermuda will “endeavour to redeploy those staff members affected wherever it can.”
“It is not expected that there will be any impact in terms of the service proposition delivered to HSS clients. HSS remains committed to providing fund administration services to the hedge fund industry and to the growth and development of its global custody product in order to best serve the local Bermuda market.”
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