HSBC to launch its first ETF in Europe-FT

LONDON Aug 24 (Reuters) - HSBC Holdings Plc (HSBA.L) (0005.HK), Europe's biggest bank, is to unveil plans to enter into the European exchange traded fund (ETF) market with its first launch, the Financial Times said on Monday.

"We believe our future is linked to indexation and ETFs and not just active management," Farley Thomas, global head of wholesale distribution at HSBC Global Asset Management, told the newspaper.

"The big firms with resources and trusted brands are going to be the winners in this game," Thomas said, adding that the HSBC Global Asset Management was planning to roll out 30-50 ETFs during the next three years. The bank will target European institutional and retail investors, including the wealth management market, as well as looking to expand in Asia, where it already has a small ETF operation with $5 billion of assets, the FT said.

HSBC was not immediately available for comment.

(Reporting by Humeyra Pamuk, Editing by Diane Craft)