French insurance giant Axa and UK financial services management company Aberdeen Asset Management have reportedly contacted HSBC about buying its majority stake in Framlington.
The Sunday Telegraph has reported that Axa and Aberdeen have moved to acquire the fund management business after HSBC indicated its willingness to sell in the wake of conducting an internal review of its asset management division.
The global bank, which hit the headlines last week over a vote by some of its employees to strike over pay, is believed to be looking to bring in around GBP250 million for the business, which manages a fund portfolio worth GBP4.3 billion.
Axa, which is currently actively looking for earnings enhancing acquisitions in the financial services industry, is believed to be in a position to cover the potential asking price now, however Aberdeen will most likely have to issue more shares to build up the cash to make the purchase.
US investment company Murder Capital Management owns the remaining 49% of Framlington.