28th Jul 2005 13:07
HSBC Holdings PLC28 July 2005 SALE OF FRAMLINGTON GROUP LIMITED TO AXA Framlington Holdings Limited (FHL), which is 51 per cent indirectly owned byHSBC Holdings plc and 49 per cent indirectly owned by Comerica Incorporated, hasagreed to sell its 90.8 per cent stake in London-based asset manager FramlingtonGroup Limited (FGL) to AXA Investment Managers SA (AXA IM). To acquire FHL's 90.8 per cent of Framlington Group, AXA IM will pay aconsideration of £178.3 million in cash plus a potential net asset adjustment.Those same terms are being offered by AXA IM to the remaining shareholders inFGL, the majority of whom are directors and employees. Completion of the deal issubject to certain conditions including regulatory approval. FGL was established in 1969 and manages investments for unit trust, PEP and ISAinvestors as well as pension funds, charities, investment trusts andinstitutions. At 30 June 2005, Framlington had over £4.5billion in assets undermanagement. AXA IM is a member of the AXA Group. Notes to editors: 1. The HSBC GroupServing over 110 million customers worldwide, the HSBC Group has over 9,800offices in 77 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of US$1,277 billion at 31December 2004, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. 2. Comerica IncorporatedComerica Incorporated (NYSE: CMA) is a financial services company headquarteredin Detroit, strategically aligned into the Business Bank, Small Business &Personal Financial Services, and Wealth & Institutional Management. Comericafocuses on relationships, and helping businesses and people be successful.Comerica reported total assets of $53.5 billion at March 31, 2005. 3. AXA GroupAXA is a leader in Financial Protection, a business that involves offering itscustomers - individuals as well as small, mid-sized and large businesses - awide range of products and services that meet their insurance, protection,savings, retirement and financial planning needs throughout their lives. AXAreported assets under management totalling €827 billion at June 30, 2004, netrevenues of €37 billion and underlying earnings of €1.436 billion for first-half2004. 4. AXA Investment Managers (AXA IM)AXA IM is a multi-specialist asset management company within the AXA Group, aworld leader in financial protection and wealth management. AXA IM is one of thelargest European-based asset managers with approximately EUR382.4 billion***under management. AXA IM employs over 2,100 people*** and serves clients inthirteen countries. ***Source: AXA IM as at 30th June 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings