HSBC’s hunger for assets

Born out of a bloody cull, shaped by a succession of departures, HSBC Asset Management has led a tortured existence. While competitors have grown through acquisitions HSBC has been reinventing its business. The result? It's lagging behind the market leaders in both size and performance. Is now the time to buy? Andrew Capon and Julian Marshall report.

Eyeing a US buy

A curious thing happened in the sleepy English market town of Melksham, Wiltshire, last summer. The beautiful surroundings of the west country provided the backdrop to a decision by a small group of people which could yet have wide repercussions for one of the world’s largest banks.

On a sunny day in August, the trustees of a new pension fund, Cooper Avon Tyres, were deciding who to ask to handle their £75 million ($120 million) of assets.

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