10th Oct 2006 12:00
HSBC Holdings PLC10 October 2006 HSBC SECURITIES SERVICES ACQUIRES LIBERTY ERMITAGEFUND ADMINISTRATION BUSINESS IN LUXEMBOURG HSBC Securities Services (Luxembourg) S.A. ('HSSL'), a wholly owned subsidiaryof HSBC Bank plc, has acquired the business of Liberty Ermitage (Luxembourg)S.A. ('LELSA'), the Luxembourg based fund administration business of LibertyGroup. Under the agreement Liberty Group Jersey Holdings Limited will be paidover a three year period, subject to agreed thresholds and up to a maximum of €8million. LELSA currently employs 25 staff, administers over 20 funds and, at 31 July2006, had assets under administration of more than US$4.5 billion. HSSL is one of the largest administrators and custodians of alternative funds inLuxembourg. With 15 years' experience and in excess of US$35 billion in assetsunder administration as at 31 July 2006, the company offers a full range of fundadministration and custody services to alternative and traditional fund clients. The combined business of HSSL and LELSA will reach almost US$40 billion inassets under administration and will employ over 250 staff. Germain Birgen, managing director and head of HSBC Securities Services inLuxembourg, said: "We are acquiring a highly experienced team that will help usmeet the challenges of our rapidly growing business in Luxembourg. Theacquisition cements our relationship with two key clients Liberty Group andErmitage Group - which is one of the largest offshore alternative assetmanagement operations in Europe." Mark Hucker, Chief Operating Officer of Ermitage Group in Jersey, said: "To besuccessful in the fund services business requires a global presence andstate-of-the-art technology. In this environment, and given our focus onbuilding out our core fund management activities, we believe that the sale ofLELSA to HSBC is an excellent option for staff, our fund managers and thirdparty clients. This is an opportunity to strengthen the partnership Ermitageenjoys with HSBC." Notes to editors: 1. HSBC Securities ServicesHSBC Securities Services (HSS) is a division within Global Transaction Banking,part of the Corporate, Investment Banking and Markets business line of the HSBCGroup. HSBC Securities Services provides comprehensive global, regional anddomestic custody services as well as cash management; foreign exchange;securities lending; corporate trusteeship; issue and paying agency services;alternative investment funds; and trustee and depositary services. HSBCSecurities Services also provides a full range of investment administration andperformance consulting services to institutional and corporate clientsworldwide. Assets under custody for HSS are US$3.88 trillion at 30 June 2006,making it one of the world's biggest securities services providers. 2. HSBC Holdings plcHSBC Holdings plc serves over 125 million customers worldwide through some 9,500offices in 76 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,738 billion at 30 June2006, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. 3. Ermitage GroupThe Ermitage Group is one of the largest and fastest growing offshorealternative asset management operations in Europe, providing investment servicesfor institutions, private banks and high net worth individuals. Following itsfirst hedge fund investment in 1984, the Group's assets under management havegrown to over US$2.6 billion, with headquarters in Jersey and operations inLondon. Ermitage's comprehensive service ranges from fund of hedge funds tomanaged accounts and bespoke solutions designed to meet more individualrisk-return mandates. Ermitage also provides a leading edge and award winningprivate client service through its Global Wealth Management Services division. Acornerstone of the Group's service is a strong and continuous commitment to riskmanagement and corporate governance. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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