HSBC plans to double its Asia-Pacific prime finance team’s cut of hedge-fund assets in the coming year, said Melvyn Ford, regional head of the business.
HSBC was ranked eighth in its first full year in a survey by trade journal AsiaHedge released this month.
HSBC was a late entrant to the Asia-Pacific prime brokerage market dominated by the likes of Goldman Sachs, Morgan Stanley and Credit Suisse. Banks are competing for regional hedge-fund assets that slipped 1% to $139bn in 2012 after the closures of those unable to cope with falling revenue and rising costs that cut the number of funds by 5%, according to AsiaHedge.
'For everyone, it has been a challenging year', said Ford. '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'.
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image: © Howard Lake