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.

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