HSBC Alternative Investments (HAIL) in Luxembourg has chosen American asset manager State Street to offer custody and administration services for its new loan fund.
Under the agreement, State Street will offer global custody and depositary, fund administration, alongside regulatory reporting services that comply with the European Market Infrastructure Regulation, Foreign Account Tax Compliance Act and Solvency II.
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Commenting on the move, State Street country head for Luxembourg said: “Our ability to provide customised, bespoke service solutions for our clients positions us perfectly to support HAIL with its new and innovative diversified loan fund.
“There are 325 Reserved Alternative Investment Fund’s (RAIFs) registered in Luxembourg, and at State Street we service many of them. For us, this appointment underlines our ability to provide comprehensive, customised service models in support of these new and innovative alternative products coming to market.”
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