Another European multinational asset manager may soon be pulling an Amundi, though it's not clear who the Pioneer would be in this case.
"We continue to do a lot of work around asset management, to explore all the options, but it's too early to give any indications as to what we might do with it," John Flint
, the new CEO of all of HSBC
, said on Tuesday, Bloomberg reports
Flint is "exploring all options ... including a merger" for the HSBC Global Asset Management
, the publication writes. Bloomberg
posits that Flint might be aiming for something like Amundi, which Credit Agricole and Societe Generale created in 2010 by merging their in-house asset management business. They spun Amundi out in 2015, and last year bought
Pioneer. It is now the biggest asset manager based in Europe.
London-based HSBC GAM had $462 billion in AUM as of December 31, 2017 and, Bloomberg
estimates, accounts about two percent of HSBC's overall income. Sridhar Chandrasekharan
is the global CEO of HSCB GAM, and Deborah Hazell
is CEO of its business here in the Americas. Its U.S. office is in New York City.
Neil Anderson, Managing Editor
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