LONDON, Aug 26 (Reuters) - HSBC has moved the headof its $445 billion fund management arm to Hong Kong fromLondon, in a sign of the shift in the British bank's power baseto Asia.
HSBC said Sridhar Chandrasekharan, chief executive of HSBCAsset Management, relocated a few weeks ago to drive thebuild-up of its Asian operations.
His move comes as HSBC, Europe's biggest bank, considerswhether to move its headquarters from London. It will make itsdecision by the end of the year and Hong Kong would be the mostlikely destination if it does choose to move.
"As a global asset manager, we believe there areopportunities for us to grow our business with our clients andcontribute to the evolution of the investment markets," HSBCsaid in a statement.
HSBC's asset management business attracted $29 billion innet new money last year to lift funds under management to $445billion. The unit brought in revenue of $1.1 billion in 2014.
HSBC CEO Stuart Gulliver told investors and analysts in Junethe bank would move asset management staff to Hong Kong fromLondon due to the growth opportunities in Asia.
Chandrasekharan moved before this week's selloff in China'sstock market, which has raised concerns about growth prospectsin China and Asia. (Reporting by Steve Slater; Editing by David Holmes)