ITALY - HSBC's Alternative Fund Services has received Bank of Italy approval to open a custody operation for alternative investment funds in Milan.
In a further move, Paolo Lippolis has been appointed Manager for HSBC’sAlternative Fund Services and will be based in Milan overseeing the development of the office, which includes acting as custodian for local hedge funds and funds of hedge funds. He is recruiting a team of accounting specialists with a view to offering fund administration outsourcing services from early next year.
Paul Smith, global head of Alternative Fund Services commented: Italian hedge funds have a lot of potential for further growth and the opening of the office means we are well placed to apply our expertise and knowledge to help the local industry develop and mature.
The hedge fund market in Italy grew by 180% last year. A spokesperson for HSBC Alternative Fund Services said this constituted a growth in assets under management of about e15bn.
Lippolis said: New Bank of Italy regulations, issued in April 2005, allow managers to outsource the calculation of the net asset value of their funds to their custodian. This is an important step for the Italian funds industry and will encourage growth in outsourced fund administration.
The spokesperson added: “We feel with the change of legislation, the opportunities for growth in Italy are quite strong and we want to be there first, ready to invest in this market.”
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