BRIEF-HSBC to sell its UK pensions manfacturing business to ReAssure

June 11 Wed Jun 11, 2014 6:21am EDT

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June 11 (Reuters) - Hsbc Holdings Plc

* Hsbc sells UK pensions manuf. Business to ReAssure

* Has entered into an agreement to sell its UK pensions business ( "business") to ReAssure limited ("reassure"), a wholly-owned subsidiary of admin re group, part of swiss re group

* Under terms of agreement, HSBC will sell its corporate and individual pensions policies, and an associated annuities book, by way of an insurance business transfer scheme

* At 31 December 2013, value of underlying assets under management forming part of transaction was approximately 4.2 billion pounds (approximately us 7.05 billion pounds), of which approximately 4.0 billion were managed by HSBC global asset management (UK) limited

* Transaction, which is subject to regulatory approvals and court making an order sanctioning scheme, is expected to complete in second half of 2015

* As part of transaction, HSBC has also entered into a reinsurance agreement with reassure transferring certain economic risks and rewards of business to reassure from 1 january 2014 until completion of transaction

* Under a new contractual arrangement, hsbc global asset management will continue to be investment manager of these underlying assets. Source text for Eikon: Further company coverage:

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