HSBC alternatives arm appoints State Street for loan fund services
HSBC's alternative funds arm has appointed US-based asset manager State Street to provide custody and administration services in Luxembourg for its new diversified loan fund.
State Street, the largest fund administrator in Luxembourg, will provide back and middle-office services to the HSBC Alternative Investments fund.
It is a new appointment for State Street, which will be the sole provider of several services including global custody and depositary, fund administration and regulatory reporting services.
David Suetens, country head for State Street in Luxembourg, said: "Unprecedented changes in regulation, private equity buyout activity and increases in mergers and acquisitions have radically changed the opportunities in both the global loan and direct lending markets.
"For us, this appointment underlines our ability to provide comprehensive, customised service models in support of these new and innovative alternative products coming to market."