HSBC announced that its Private Assets Fund Administration business has launched a new digital platform for both general and limited partners of global fund of funds to have greater transparency of their underlying private asset investments, such as real estate, private equity, infrastructure or structured debt.
This new HSBC private assets platform is powered by eFront Insight technology, BlackRock’s dedicated private markets technology solution from Aladdin.
Tony McDonnell, global head of Alternative Investments in Securities Services at HSBC, said in a statement: “HSBC is now able to provide fund of funds with the most up-to-date insights of their underlying private asset exposures, including look-through and ESG risk data, complementing our existing fund administration service.
“With higher volumes linked to an increased allocation by investors to private assets, we wanted to enhance our service offering for fund of funds in the private assets space with this new capability.”
The new platform enhances HSBC’s existing Private Markets Portfolio servicing offering, where limited partners can fully outsource to HSBC capital calls and distributions processing, reconciliation, and commitment tracking of their private assets.
McDonnell said in a statement: “As clients increasingly seek consolidated data solutions for better decision-making across private and public markets, we continue to invest in our technology-enabled digital capabilities for our private assets fund administration business, which has seen exceptional growth in assets under administration over the last four years.”
Bringing this additional source of private markets data to fund of funds complements the public market and liquid assets data that these firms can already source from HSBC Evolve, providing a full portfolio view.