UBS to enter asset services, hires HSBC’s Lunn

Colin Lunn has left HSBC Securities Services in order to join UBS Global Asset Management, according to sources familiar with the move.

This means UBS is throwing its hat into the ring of asset and fund servicing in Asia, taking on HSBC as well as the likes of BNY Mellon, Citi, JP Morgan and others.

Lunn resigned from HSBC in April after 16 years of service, including his time at Bank of Bermuda, whose fund servicing platform was acquired by HSBC seven years ago.

He started off under Paul Smith, who had established Bank of Bermuda’s fund-services platform in Asia, notably for hedge funds. At HSBC he worked in global custody before moving to fund services, reporting to Lilian Wong, who runs the business for Asia-Pacific.

At its peak before the global financial crisis, the platform provided services to up to $300 billion of assets in Asia, including alternative and traditional funds.

Lunn confirmed to AsianInvestor his departure from HSBC. He would not comment on his destination, other than to joke he will begin on July 4, “Independence Day”.

However, sources have confirmed that his destination is UBS.

Its wealth-management arm includes a fund services operation. The UBS website notes that its Luxembourg arm offers administration services for a wide range of investment products: both institutional and retail, single products and multi-class and multi-manager facilities; and for various fund types, including Sicavs, structured products, hedge funds, private equity funds, and funds of funds.

UBS has over 50 years experience in the fund services industry, with operations in the Cayman Islands, Canada, Ireland, Luxembourg, Switzerland and the United Kingdom.

Given the business is centred in Europe, Lunn is believed to have a reporting line there, but locally will report to Christof Kutscher, Asia-Pacific CEO of UBS Global Asset Management.

HSBC and UBS officials have not been available for comment.