HSBC sells majority of Asian fund management arm
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HSBC has sold 80 per cent of its stake in its HSBC Private Equity Asia business to the management team.
The management team, Foci Holdings, will buy the majority stake for $18.8m (£11.9m) leaving HSBC with a 20 per cent minority share.
HSBC Private Equity Asia is one of the largest and longest-established private equity firms in Asia, with $3.5bn of assets under management. The deal should be completed in Q4 2010.
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