The recent departures of Andrew Gordon from BNY Mellon and
Stewart Bent from Credit Suisse underline an industry trend of cost-cutting and
consolidation, asianinvestor reports.
Asia's alternative fund services industry is in a state of
flux, with newcomers catering to small, indigenous funds while consolidation
and cost-cutting is taking place at larger providers.
Administrators focusing on hedge funds are particularly
vulnerable, as their income is directly tied to the AUM of their clientele.
Total Asian hedge fund assets are at about $145 billion and have not yet
recovered to the high of $192 billion recorded at the end of 2007.
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