31st Dec 2019 07:19
(Alliance News) - HSBC Holdings PLC is planning to expand its exchange traded fund range in 2020 in order to revitalise its underperforming asset management business, the Financial Times reported on Tuesday.
Nicholas Moreau, who was appointed chief executive of HSBC's asset management division in August, has devised a series of initiatives aimed at reinvigorating growth at a time when the London-listed bank is aggressively cutting costs, the FT said.
In the first half of 2020, HSBC will launch eight ETF's employing environmental, social and governance metrics to tap into rising investor demand for ESG-focused strategies.
HSBC also plans to develop a fixed income ETF platform in 2020 and to launch a range of precious metals tracker funds later in the year, the FT noted.
About 15 new roles will be created in the asset management division to support these initiatives at a time when the wider group plans to axe about 10,000 jobs globally in an effort to save costs.
https://www.ft.com/content/5947b89a-45ff-464d-a46a-2e8790da206b
HSBC shares closed 0.3% lower in London at 596.30 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
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