Bank of Bermuda (Isle of Man) Limited, now owned by HSBC Holdings plc, has acquired the offshore fund administration and management business of BoE with the purchase of the entire share capital of BoE International Fund Services Limited and BoE International Fund Managers Limited.
The value of net assets acquired from BoE is £500,000. BoE International Fund Services in the Isle of Man administers 50 funds with approximately £1.2 billion of assets under administration and employs a staff of 17. Following the acquisition of The Bank of Bermuda Limited by HSBC in February this year, the Global Fund Services division has become the Alternative Fund Services arm of HSBC Securities Services. The combined business of BoE and HSBC’s Alternative Fund Services in the Isle of Man will be the largest fund administrator on the Island.
Caroline Cornish, Head of HSBC Securities Services in the Isle of Man, said, “Working closely with BoE’s parent, Nedcor Wealth Management and HSBC we were able to complete the purchase very swiftly. We are experiencing rapid expansion in our business worldwide and securing an established fund administration team together with a quality client base will contribute significantly to our continued success.”
Paul Smith, Global Head of HSBC’s Alternative Fund Services, said, “We have a strong team in the Isle of Man and a good client base. I am delighted that the BoE acquisition will add strength to both. One of the great attractions of this deal was the opportunity to acquire the high quality of staff that BoE bring to us. Being part of one of the world’s largest financial institutions enables us to maximise the services offered by other parts of the HSBC group to the benefit of all our clients.”