This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
HSBC sells Australian Asset Management Business
Hamilton, Bermuda: 21st March 2005 - HSBC has entered into an agreement to sell its Australian asset management subsidiary, HSBC Asset Management (Australia) Limited (AMAU), to Challenger Financial Services Group Limited (Challenger) for a consideration of A$21.9 million (approximately US$17.4 million).
Based in Melbourne, AMAU has funds under management of A$3.5 billion at end-2004. It has been providing investment advice to clients since 1981, offering a range of products including unit trusts, wholesale funds, personal superannuation and allocated pensions.
Challenger, headquartered in Sydney, is a financial services company focused on three core businesses including life insurance (annuities), funds management and administration 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 on the development of best-in-class investment solutions, incorporating €˜open architecture' when appropriate. To succeed, we will need to focus on the strongest of our global investment capabilities. In Australia, we have decided to 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 regulatory approvals.