British bankers at HSBC
are said to be looking for an "elegant and relatively painless solution" to get out of their investment in Framlington
, a UK asset manager. Report that HSBC is shopping its 51 percent stake in the money manager was first reported in the London's Telegraph
Munder Capital Management
holds the 49 percent of Framlington not in the hands of HSBC. The paper did not report whether Munder is considering buying out the bank's stake.
HSBC reportedly decided to sell Framlington after the bank reorganized its worldwide fund management operations at the end of 2004.
Framlington manages more than £4.1 billion
and employs some 140 workers.
HSBC executives are reportedly hoping to realize up to £250 million
, or roughly $475 million, from a sale. The paper added that they are understood to prefer a sale to a management buyout.
Framlington managers led by then-CEO Peter Chambers
already tried to put together a buyout in March. Chambers resigned after that deal fell through.
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