21st Mar 2005 09:44
HSBC Holdings PLC21 March 2005 HSBC SELLS AUSTRALIAN ASSET MANAGEMENT BUSINESS TO CHALLENGER FINANCIAL SERVICES HSBC has entered into an agreement to sell its Australian asset managementsubsidiary, HSBC Asset Management (Australia) Limited (AMAU), to ChallengerFinancial Services Group Limited (Challenger) for a consideration of A$21.9million (approximately US$17.4 million). Based in Melbourne, AMAU had funds under management of A$3.5 billion atend-2004. It has been providing investment advice to clients since 1981,offering a range of products including unit trusts, wholesale funds, personalsuperannuation and allocated pensions. Challenger, headquartered in Sydney, is a financial services company focused onthree core businesses including life insurance (annuities), funds management andadministration and mortgage financing. Blair Pickerell, Chief Executive Asia-Pacific of HSBC Asset Management, said:"Our new global strategy for investment management places a strong emphasis onthe development of best-in-class investment solutions, incorporating 'openarchitecture' when appropriate. To succeed, we will need to focus on thestrongest of our global investment capabilities. In Australia, we have decidedto focus on developing investment solutions based on an 'open architecture'platform, rather than in-house investment management." Completion of the transaction is subject to obtaining the necessary regulatoryapprovals. Notes to editors 1. HSBC Asset Management ServicesHSBC Asset Management Services (AMS) is the name used to describe the core andassociated specialist asset management companies of the HSBC Group. AMScompanies provide investment management solutions to institutional, corporateand financial intermediary clients worldwide. Companies within AMS are HSBCAsset Management, the core global business, plus the companies dedicated tospecialist areas. These include Sinopia for quantitative, structured andguaranteed investment solutions, HSBC Specialist Investments for property andinfrastructure investments, HSBC Alternative Investments for single-manageralternative investment strategies, and HSBC Multimanager, offering independentfund selection and fund of fund management services. AMS companies have fundsunder management of US$222 billion at 31 December 2004. 2. The HSBC GroupHSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110million customers worldwide from over 9,800 offices in 77 countries andterritories in Europe, the Asia-Pacific region, the Americas, the Middle Eastand Africa. With assets of US$1,277 billion at 31 December 2004, HSBC is one ofthe world's largest banking and financial services organisations. HSBC ismarketed worldwide as 'the world's local bank'. 3. Challenger Financial Services Group LimitedChallenger Financial Services Group Limited is an Australian domiciled, publiclylisted financial services company. Challenger is comprised of three corebusinesses, Challenger Life, Challenger Wholesale Finance and Challenger WealthManagement. Assets under management and administration totalled A$28.3 billionat 31 December 2004. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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