HSBC launches PE platform

The global bank has made a move into private equity fund administration with the launch of a private equity platform.

The Alternative Fund Services arm of global bank HSBC has launched a customised private equity administration platform intended to aid the bank’s private equity customers.

The new platform will support administration including calls, closings, incentive and fee calculations, distributions, P&L allocations, financial and management reporting and analytics.

HSBC has already rolled out the service in Bermuda, San Francisco, Hong Kong and Luxembourg, with New York, Guernsey and the Isle of Man to follow in the coming months.

According to HSBC, the bank currently has $10 billion (€8.5 billion) in private equity assets under administration being serviced from six locations globally.

Calls were made to HSBC, which was unavailable for comment.