WEST PALM BEACH, FL (www.HedgeCo.Net) – According to Dow Jones, HSBC Holdings PLC (HBC) will fold its South African wealth management and private client stockbroking unit early in 2005. According toan unnamed spokesperson, �There just wasn’t enough scale to the business in South Africa. The business needed to expand or close, and it’s been decided that it should close.�
The source added, “Employees were just told this morning that the unit is to be closed, but I still think another financial institution will want to take us over, HSBC is absolutely allergic to reputational risk and this client base still needs to be served, so I don’t think they’ll just walk away and turn us out on the street.�
The HSBC’s South African wealth management unit offers trust and company advice on mainstream investment funds, hedge funds as well as private equity. The unit employed about 30 employees, four wealth managers and twenty-six stockbrokers according to the report.
HSBC Asset Management is the core global investment management business of the HSBC Group. HSBC Asset Management has strong global investment capabilities that are delivered to clients locally. For institutions, corporates and financial intermediaries, a comprehensive range of investment management solutions are offered, for high net worth individuals. HSBC Asset Management is part of the HSBC Group, one of the largest banking and financial services organizations in the world, with well-established businesses in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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