HSBC Asset Management has been formally established as HSBC Holdings' international fund management holding company with US$25 billion under management worldwide.
The company incorporates all Hongkong and Shanghai Banking Corp and Midland Bank asset management companies under one corporate umbrella, based in London.
Chief executive Tim Ferguson said: ''Many of the changes now being put in place were already planned before the acquisition of Midland Bank last year.
''The implementation of the plan was delayed to absorb the Midland Bank fund management operations.'' The new group is striving to become a multi-national, multi-market and multi-product fund management group with clearly defined objectives in servicing and responding to clients whose needs are becoming increasingly sophisticated.
HSBC Asset Management takes in Midland Asset Management, James Capel Fund Management, Marinvest and Wardley Investment Services.
Fund management policy-making is based in London along with a global equity management function.
Marinvest will have a prime North American fund management function while Wardley has a prime Asian asset management role, taking in Australia and Tokyo.
