HSBC Asset Management refuses to deny Challenger sale
The chief executive of HSBC Asset Management (Australia), Barry Sheehan, has not denied speculation that the business has been sold to Challenger Financial Services.
Sheehan refused “to confirm or deny” speculation today that the sale to Challenger had taken place. A Challenger spokesperson said the group did not comment on market speculation.
It is understood a management buy-out of the Australian investment business was another proposal considered by HSBC.
Investment researchers contacted by Money Management were not surprised at the prospect of HSBC Asset Management being sold to Challenger.
“Challenger is actively looking for scale, and it’s no secret that HSBC Asia Pacific has expected more from its Australian asset management business over the years, with the exception of the property business,” one research source said.
Challenger Financial Services had $6.7 billion under management in Australia at the end of last year. HSBC Asset Management (Australia) had $3.2 billion under management, including $618 million in the well-regarded HSBC Australia Private Property Trust.
AUTHOR
Michael Bailey
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