15th Mar 2005 09:12
HSBC Holdings PLC15 March 2005 STATEMENT HSBC has confirmed it is in discussions to sell 100 per cent of its Australianasset management business, HSBC Asset Management (Australia) Limited, toChallenger Financial Services Group Limited. Completion of the transaction is subject to agreeing final terms and toobtaining the necessary regulatory approvals. A further announcement will be made as and when appropriate. 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. HSBC Asset Management (Australia) LimitedHSBC Asset Management (Australia) Limited has over A$3.5 billion undermanagement and offices in Melbourne, Sydney and Brisbane. It has been providinginvestment advice to clients since 1981, offering a range of products includingunit trusts, wholesale funds, personal superannuation and allocated pensions. 3. The HSBC GroupThe HSBC Group is one of the largest banking and financial servicesorganisations in the world. The Group has over 9,800 offices in 77 countries andterritories in Europe, the Asia-Pacific region, the Americas, the Middle Eastand Africa, serves over 110 million customers and has assets of US$1,277 billionat 31 December 2004. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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