HSBC to enter India's pension sector / Aug 31, 2005

From Indiapensions

HSBC to enter India's pension sector

Chennai: International banking major HSBC, which manages $ 55 billion worth of pension funds globally, would bid for getting selected as one of the Pension Fund Managers (PFMs), once the Indian pension sector is opened up, a top company official has said.

"We have the expertise in managing pension funds globally and when the Indian pension sector is opened up, we will partake in the bidding process to be chosen as one of the Pension Fund Managers (for the pension fund management)," Sanjay Prakash, CEO, HSBC Asset Management India, told media Wednesday night.

The Union Government had already constituted the Pension Fund Regulatory and Development Authority (PFRDA) and the first draft regulations on the pension sector is expected to be ready by early September.

The centre is also expected to finalise the Pension Fund Regulatory and Development Bill shortly, he said.

"We are keen to participate in the India's pension sector," Prakash, who was here to share the findings of HSBC's study on `The future of retirement around the world', said.

He said HSBC would also come up with retirement-related products to tap the high-potential pension sector.