Some fund administration and custody service provision will cease at HSBC Bermuda, it was confirmed this morning.An HSBC Bermuda spokesperson stated: “Following a strategic review of the HSBC Securities Services business in Bermuda and after careful deliberation and consideration, a decision has been made to discontinue the provision of certain fund administration and custody services from the HSS Bermuda office.“Registrar and transfer agency services and traditional global custody services will continue to be provided to the HSS Bermuda client base, but their delivery will transition to other HSS offices in Europe.“There will be role reductions as a consequence of the decision and the management of HSBC Bank Bermuda Limited will endeavour to redeploy those staff members affected wherever it can. It is not expected that there will be any impact in terms of the service proposition delivered to HSS clients.”The spokesperson added: “HSS remains committed to providing fund administration services to the hedge fund industry and to the growth and development of its global custody product in order to best serve the local Bermuda market.”