Euromoney signs deal with HSBC - UPDATE
Euromoney Institutional Investor, the FTSE 250 international online information and events group, has signed a binding agreement with banking giant HSBC to acquire its Quantitative Techniques (QT) operation.
Euromoney Institutional Investor, the FTSE 250 international online information and events group, has signed a binding agreement with banking giant HSBC to acquire its Quantitative Techniques (QT) operation.
QT creates and maintains more than 100 equity and bond indices for HSBC's Global Markets division as well as over 60 external clients.
Once the transaction has completed after a six month transition phase, HSBC has agreed to purchase index calculation services from QT for a minimum period of three years.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Euromoney explained that the acquisition creates an opportunity to build a new business providing independent index compilation services and believes it can expand QT's customer base and encourage other institutions to engage QT to calculate the indices for their own investable index products.
The group also plans to use QT's index calculation expertise to develop new index families across other parts of its business.
"We are delighted to acquire the Quantitative Techniques operation from HSBC," said Richard Ensor, the Chairman of Euromoney.
"HSBC is a trusted and important partner as well as a key client. Euromoney looks forward to working with HSBC over the next three years and, it hopes, for many years afterwards to develop the QT business. This acquisition gives Euromoney the opportunity to establish a significant footprint in the attractive index compilation market."
The gross assets being disposed of were recorded at zero in HSBC's accounts at the end of December 2012.
NR
-
Adidas, Nike or Jordans - could collectable trainers make you rich?
The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
By Chris Carter Published
-
Early bird ISA investors flock to global funds, India and the US
There’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
By Vaishali Varu Published