Sales of Fund Management Business in HSBC Germany

July 11, 2025

HSBC Continent Europe has finalized a deal to sell its fund management arm, known as Internationale Kapitalanlagegesellschaft mbH (Inka), to a fund managed by Blackfin Capital Partners. This transaction reflects HSBC’s broader strategy announced in October 2024, aimed at streamlining operations and concentrating on areas where it possesses a significant competitive edge and potential for growth. The focus is to connect European clients with opportunities offered by HSBC’s international network, particularly enhancing custody and funding services from its strategic locations in London, Ireland, and Luxembourg, with an eye on its strong positions in Asia and the Middle East.

As a subsidiary of HSBC Germany, Inka had assets under management totaling €43 billion as of December 2024. Blackfin, a private equity manager based in Europe, has been investing in Germany since 2013 and is well-positioned to foster Inka’s growth going forward.

The deal is expected to close in the latter half of 2026, pending routine regulatory and antitrust approvals, and following discussions with HSBC Germany’s Work Council.

Under the terms of the agreement, all employees of Inka will retain their positions when the transition is complete.

All parties are committed to ensuring a seamless transition for both clients and staff.

Contact:

Elvira Stark | elvira.stark@hsbc.de | +49-211-910-6900

Sophie Recode | sophie.ricord@hsbc.fr | +33 6 89 10 17 62

About HSBC Continent Europe

Based in Paris, HSBC Continent Europe is a subsidiary of HSBC Holdings Plc. It encompasses various European banking operations including institutional, private banking, insurance, and asset management across ten branches in Europe, including Germany and France. The organization aims to address the needs of clients within the region and globally.

About HSBC Germany

HSBC Germany operates as a branch of HSBC Continent Europe, providing services in corporate banking, institutional banking, and asset management.

About HSBC Holdings Plc

HSBC Holdings Plc, the parent of the HSBC Group, is headquartered in London and serves clients in 58 different countries. With assets amounting to USD 305.4 billion as of March 31, 2025, it stands as one of the largest banking and financial service bodies worldwide.

About Internationale Kapitalanlagegesellschaft mbH (Inka)

Inka, a subsidiary of HSBC Continental Europe in Germany, ranks among the top capital management firms in the country and provides tailored investment solutions for institutional investors.

About Blackfin

Blackfin is a pan-European private equity firm that specializes in investing in asset-light financial service providers. Established in Frankfurt in 2018, Blackfin has been active in the DACH region since 2013, managing investment commitments surpassing €4 billion. The firm, founded by experienced banking and insurance professionals, operates offices in several major cities across Europe and has made over 30 acquisitions since 2010.