HSBC securities services is hiring at its alternative funds administration arm as it prepares to bulk up its alternative asset administration teams, Financial News Online reports. The move is along the vein of JP Morgan, State Street and BNY Mellon's takeover of smaller firms that focus on alternative assets.
The head of business development at HSBC Securities Services said that details of its hiring would be forthcoming and that it is "investing in resources" to provide services that are in demand by clients.
State Street's global head of its alternative investment solutions told FNO of the demand in alternatives, calling it the "fastest-growing segment of the financial markets."
HSS's total global assets under custody was valued at $5.1 trillion in December last year.