Euromoney Institutional Investor PLC is to acquire HSBC’s Quantitative Techniques operation. QT is the benchmark and calculation agent business of HSBC Bank plc and creates and maintains more than 100 equity and bond indices for HSBC’s Global Markets division as well as over 60 external clients. Terms of the deal have not been disclosed.
Completion of the sale will take place after a transition phase, which is expected to take six months. Once the transaction has completed, HSBC has agreed to purchase index calculation services from QT for a minimum period of three years.
Euromoney believes the acquisition creates an opportunity to build a new business providing independent index compilation services. Over more than 40 years Euromoney has built strong relationships with financial institutions which should help expand QT’s customer base and encourage other institutions to engage QT to calculate the indices for their own investable index products. Euromoney also plans to use QT’s index calculation expertise to develop new index families across other parts of its business.
“We are delighted to acquire the Quantitative Techniques operation from HSBC,” said Richard Ensor, chairman of Euromoney. “HSBC is a trusted and important partner as well as a key client. Euromoney looks forward to working with HSBC over the next three years and, it hopes, for many years afterwards to develop the QT business. This acquisition gives Euromoney the opportunity to establish a significant footprint in the attractive index compilation market.”
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