Australia's MainstreamBPO has expanded its Hong Kong and Singapore presence with the purchase of Alter Domus's Asian hedge fund admin unit, as it eyes the family office segment.
The second half of 2013 saw fund-of-hedge-fund assets grow 20% in Asia, while in Europe they suffered a 7% outflow, according to eVestment. Asia hedge fund AUM also grew faster than elsewhere.
In replacing Allard DeJong, the lack of enough talent in Singapore prompts HSBC to import depth from Europe.
The hedge fund administrator has new owners.
David Leahy will run prime brokering sales and marketing.
David Leahy will run hedge fund administration from Sydney.