HSBC Seeks To Double Asia Hedge-Fund Assets


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.

Bloomberg reports that it is part of a target to improve its standing by two places to the region’s sixth-largest prime broker over the 12 months, Ford said in an interview in Hong Kong this week.

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'.

Hit the link below to access the complete Bloomberg article:

HSBC Asia Prime-Finance Team Seeks to Double Hedge-Fund Assets

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