HSBC acquires Korea fund administrator

Jul 2, 2003

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).

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