A Sydney-based asset management firm part-owned by Australia's wealthiest person announced that it is buying the Australian operations of HSBC Asset Management. Challenger Financial Services Group is snapping up the HSBC Asset Management Ltd. unit for A$21.9 million ($17.4 million).

The HSBC unit manages approximately $3.5 billion in wholesale and retail funds. According to a Challenger release, the HSBC's group "core strength is management of listed property securities and hybrid property funds."

Key HSBC managers will continue to work out of Melbourne.

PricewaterhouseCoopers Corporate Finance and Mallesons Stephen Jaques advised the deal.  

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