HSBC reportedly plans to fold Hang Seng’s investment arm into HSBC Asset Management

HSBC plans to have its asset-management unit absorb Hang Seng Investment Management after taking Hang Seng Bank private in a $13.6 billion deal, Reuters reported, citing two people with direct knowledge. Reuters described the proposal as the banks’ first business-line integration despite HSBC’s pledge to maintain independent brands. The plan was not public when Reuters reported it, and neither bank immediately responded to its requests for comment.