HSBC’s global asset management business reported a 13% increase in its funds under management on Tuesday, despite net outflows from customers in Europe.
The value of funds under management for HSBC Global Asset Management hit $462 billion (€372 billion) at the end of 2017, the banking group said in its full-year report.
Positive inflows into money market funds were generated by customers in North America, while Asian customers put money into multi-asset and fixed income.
The percentage increase was about half (6%) when foreign currency movements were stripped out.
Meanwhile, the assets under custody held by HSBC’s custody division increased 24% to $7.7 trillion, and assets under administration increased to $3.6 trillion, a 19% increase.
At the group level, profit before tax was up 141% on 2016, to $17.2 billion.
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