Challenger confirms talks with HSBC
Challenger Financial Services Group has confirmed it is in discussions with HSBC to acquire HSBC Asset Management (Australia), as first flagged by Money Management yesterday.
Challenger’s notification, which had to be made in accordance with continuous disclosure rules, was the first announcement posted on the ASX this morning.
Chief executive of HSBC Asset Management (Australia), Barry Sheehan, did not return calls this morning. It is understood a management buy-out of the Australian funds management business was an option considered by the board of HSBC Asia Pacific, in Hong Kong.
Challenger said it would advise the market further when more details were available.
Challenger, which has Kerry Packer's Consolidated Press Holdings as a significant shareholder, has been disposing of what it’s called “non-core assets” in order to focus on its wealth management business, which is run by Chris Cuffe.
The disposals over the past year include a $150 million margin lending book, a superannuation administration business, and Australian and international properties from the Challenger Life annuity portfolio.
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