The acquisition, which will probably be finalised next month, prompted the move by HSBC to open talks to sell its European private equity business to management.
The US purchase will give HSBC a much-needed toe-hold in the American private equity market.
HSBC To Buy Bank
Money.telegraph reports that HSBC, the UK biggest bank, is set to pay £515m in AEA, a New York private equity company set up over 30 years ago to manage some of the Rockefeller, Mellon and Harriman fortunes.
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