Money Management - HSBC will soon provide local services to its global hedge fund and private equity clients as they chase “the superannuation dollar”.

HSBC plans to increase its footprint in the Australian market with the introduction of local alternative fund services.

The alternative fund services business will form part of HSBC Securities Services in Australia and will provide local fund accounting, investor servicing and financial reporting to a range of hedge funds, fund of hedge funds, absolute return managers and private equity partners.

HSBC head of fund services, Asia Pacific, Lillian Wong said the group has seen increasing demand from its global hedge fund clients for “onshore servicing in Australia as they target the superannuation dollar”.

Wong said the group aims to provide its clients with a “seamless service” for their Australian domiciled businesses.

The group’s new alternative fund services division will be led by Howard Yip and will be part of the wider HSBC global banking business led by Janie Wanless in Australia.

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