Credit Suisse will outsource the administration of its Guernsey-based funds of hedge funds (FoHFs) to a third-party firm, FINalternatives reports, citing HedgeWeek. The move, which will take place over the next six months, will affect over 40 employees of the bank’s Guernsey fund administration business, which employs about 300 people. The move involves transferring a non-core administrative function, which is in line with the company’s strategy to provide a core, client-oriented service focusing on offering strong investment performance to its asset management clients. The move is not related to Credit Suisse’s pending acquisition of hedge fund administrator, Fortis Prime Fund Solutions.

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