Bank of Bermuda (Isle of Man) has become the largest fund administrator in the Isle of Man with the acquisition of the entire share capital of BoE International Fund Services Limited and BoE International Fund Managers Limited.

As reported last week, the bank owned by HSBC Holdings plc. paid the South African banking group Nedcor a reported ?2.55 million for the entire share capital of the two companies in addition to a pre-sale dividend of ?1.375 million.

Caroline Cornish, Head of HSBC Securities Services in the Isle of Man said in a statement: ?Working closely with BoE?s parent, Nedcor Wealth Management, and HSBC we were able to complete the purchase very swiftly. We are experiencing rapid expansion in our business worldwide and securing an established fund administration team together with a quality client base will contribute significantly to our continued success.?

BoE International Fund Services in the Isle of Man administers 50 funds with approximately ?1.2 billion of assets under administration and a staff of 17. The value of net assets acquired from BoE is ?500,000.

Following the acquisition of The Bank of Bermuda Limited by HSBC in February this year, the Global Fund Services division has become the Alternative Fund Services arm of HSBC Securities Services. The purchase of BoE makes it the largest fund administrator in the Isle of Man

Alan Smith, Global Head of Marketing and Strategy for HSBC?s Alternative Fund Services said: ?We have been looking at BoE?s offshore fund administration and management business for some time and this deal further demonstrates HSBC?s commitment to our core business and to the Isle of Man as a centre for fund administration.?

Nedcor will continue to be a major client of BoE Fund Services business.