HSBC to establish Asset Management Operation in Malaysia
Amidst its restructuring efforts, HSBC has been reported to be intent on establishing an asset management arm in Malaysia, having been alleged to be scouting to fill the newly created C-suite positions in the new operation.
An alleged inside source has been quoted as saying that the bank “is in the midst of setting up its team, looking to hire a CEO, CIO, and so on. The process is such that you need to have a basic set-up and concurrently apply for a license (from the Securities Commission of Malaysia.)
The move by HSBC is being undertaken during a period of single-digit growth posted in four of the last five years in the assets under management (AUM) in Malaysia’s asset management industry, according to an article by Finews.
HSBC’s reported establishment of a Malaysia follows Bank of Singapore’s announcement of its agreement to acquire Pacific Mutual Fund, a local asset manager, pending regulatory approval, with the intent to expand distribution, alongside other benefits.