HSBC asset management business may go to Challenger
(16 March 2005 – Australia) HSBC is in discussions with Australian financial services company Challenger that could result in the bank selling its asset management business.
No other information was forthcoming and HSBC said Challenger would advise the market further when details became available.
HSBC has A$3.5 billion in assets under management in Australia. Challenger, 23 percent of which is owned by Kerry Packer, had total assets under management and administration of A$28.3 billion as of December last year.
Challenger, which posted a net profit after tax of A$64 million for the six months to 31 December, 2004, has refocused on wealth management and looked to sell non-core overseas assets.
HSBC, for its part, is undergoing a strategic review of its business divisions in Australia.
HSBC has A$3.5 billion in assets under management in Australia. Challenger, 23 percent of which is owned by Kerry Packer, had total assets under management and administration of A$28.3 billion as of December last year.
Challenger, which posted a net profit after tax of A$64 million for the six months to 31 December, 2004, has refocused on wealth management and looked to sell non-core overseas assets.
HSBC, for its part, is undergoing a strategic review of its business divisions in Australia.
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