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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.
The Ledger - Lehman Brothers, the troubled investment bank, is considering the sale of all or part of its prized money management division to private equity firms to raise billions of dollars of capital and ease the pressure caused by losses related to real estate.
The move would be the latest by a Wall Street firm forced to sell off high-end assets, following the recent sale by Merrill Lynch of its stake in Bloomberg L.P. and the sale by Citigroup last month of its large German consumer banking franchise.
Lehman sent letters last week to a number of financial companies, including private equity firms like Kohlberg, Kravis & Roberts, J. C. Flowers, the Blackstone Group, the Carlyle Group and Apollo Management, to test interest in its money management division, according to several people briefed on its contents.
The letter, a so-called memorandum of understanding, did not put a value on the division. It said that interested parties could bid for all or some of the pieces but encouraged bidders to make an offer for the whole business.
The move would be the latest by a Wall Street firm forced to sell off high-end assets, following the recent sale by Merrill Lynch of its stake in Bloomberg L.P. and the sale by Citigroup last month of its large German consumer banking franchise.
Lehman sent letters last week to a number of financial companies, including private equity firms like Kohlberg, Kravis & Roberts, J. C. Flowers, the Blackstone Group, the Carlyle Group and Apollo Management, to test interest in its money management division, according to several people briefed on its contents.
The letter, a so-called memorandum of understanding, did not put a value on the division. It said that interested parties could bid for all or some of the pieces but encouraged bidders to make an offer for the whole business.
Money Management- Despite tightening credit conditions, hedge funds are continuing to gain favour, with the latest Credit Suisse/Tremont Hedge Fund Index up 2 per cent in May.
The president of Credit Suisse Index Company, Oliver Schupp, said the index had been up in circumstances where hedge funds had continued to generate positive performance across strategies.
“We estimate that each of the 10 hedge fund sectors will end May with gains for the month, with long/short equity being the highest performing sector,” he said.
Money Management- A survey of some of Australia’s biggest superannuation funds has found that they intend to increase their average allocations to hedge funds from 2.5 to 3.5 per cent over the next two to five years, according to a survey by the University of New South Wales Business School.
The survey, commissioned by the Australian chapter of the hedge fund industry body Alternative Investment Management Association (AIMA), researched the plans of some of Australia’s major superannuation funds.
Money Management- Ratings house Standard and Poor’s has withdrawn its ratings from six of Colonial First State’s (CFS’s) fund-of-hedge-fund strategies.
The ratings house announced today that the decision had been reached following an internal strategic review by CFS, which had decided that the funds would be terminated on May 26.
“S&P has withdrawn the ratings on the funds following CFS’s announcement that it will no longer continue to run its fund-of-hedge-fund strategies and that the existing products will be terminated,” S&P fund analyst Simon Scott said.