HSBC Plans Merger With Hang Seng’s Investment Arm in Hong Kong, Sources Say

HSBC plans to absorb Hang Seng Investment Management into its fund business, Reuters reported Monday, citing two people with direct knowledge.

Hang Seng’s unit manages $50 billion, compared with HSBC Asset Management’s $876 billion.

The sources requested anonymity because the plan is not public. Neither bank immediately answered Reuters’ requests for comment.