Credit Suisse is to outsource the administration of its Guernsey-domiciled funds of hedge funds managed internationally by Credit Suisse Asset Managers, which were previously serviced in-house.

The business will be moved to the new provider over the next six months. Credit Suisse will not disclose the name of the third-part administrator, nor the volume of assets involved, but says the new service provider is “one of the biggest fund of funds administrators globally”.

A spokeswoman for Credit Suisse says: “The outsourcing of our fund of funds administration business in Guernsey involves devolving a non-core administrative function, which is in line with our strategy to provide a core, client-orientated service focusing on offering strong investment performance to our asset management clients.”

The spokeswoman says that the group’s banking, wealth management and trust businesses in Guernsey are not affected by the deal, and insists that it remains committed to the island.