HSBC acquires Korea fund administrator

It is the first to provide trust, custody and fund accounting to asset managers.

HSBC has agreed to acquire 82.19% of fund administrator Asset Management Technology AM TeK for W14.88 billion $12.47 million, to be paid in cash. It also aims to purchase up to an additional 8.28% from Daehan Investment Securities Company, AM TeK's largest stakeholder, and other shareholders. The acquisition values AM TeK at W18.1 billion $15.18 million.

This deal will put HSBC in a dominant position in Korea's fund administration industry, which until now has been a graveyard for foreign acquirers. Both Deutsche Bank and State Street, which entered the market in 2000 and 2001 respectively, threw in the towel earlier this year.

The big difference is...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222