(16 May 2005 – UK/USA) HSBC is set to acquire US based fixed income management firm Atlantic Advisors for an undisclosed sum.Atlantic, which has some US$700 million in assets under management, specialises in fixed income securities in emerging markets. HSBC Group had US$476 billion of assets under management at the end of December, 2004.
HSBC said the company will become part of its specialist businesses vehicle HSBC Halbis Partners.
But while the bank has added one company to its asset management portfolio, it could soon be shedding another.
HSBC’s Framlington Asset Management has reportedly attracted the attention of French insurance company AXA and UK fund manager Aberdeen Asset Management.
The UK bank decided to sell Framlington following a review of its asset management business in 2004.