European hedge fund manager BlueCrest Capital Management has added HSBC as fund administrator alongside existing incumbent GlobeOp.
The appointment of HSBC, Global Custodian understands, follows a review of offers from within the fund administration industry and comes as BlueCrest seeks to aid diversity on its fund platform in order to grow the business.
BlueCrest has assets under management of $26.8 billion and manages over 20 funds. It has offices in London, New York, Boston and Singapore.
Within the next six to eight months, HSBC will take over the administration of one of BlueCrests funds from GlobeOp. A planning phase, currently underway, will determine which fund HSBC will administer and the services it will provide to that fund.
(JDC)