Banking giant HSBC comes to Romania


The UK giant Global Asset Management with assets in amount of EUR 300 billion in management registered at the Financial Supervisory Authority to commence its operations on the local market being granted the approval to manage investment portfolios, reports HSBC is the first asset-management giant joining the local market since the US fund Franklin Templeton attracted by the mandate of manager of Proprietatea Fund. Currently, the asset-management market is dominated by the Austrian financial groups Erste and Raiffeisen. The UK group coming to Romania takes place as the local asset-management local market witnessed an upward trend over the past few years developing from assets in amount of RON 800 million to RON 15 billion currently.