FRANCE - HSBC CCF Asset Management has begun to buy back the stake in Paris-based quant firm Sinopia Asset Management that it floated in 1998, with the purchase of over a million shares from Belgium’s KBC Group, Spanish bank BBVA and Mellon Financial Corporation for a price of e27.5 per share.

The purchase takes the CCF group’s holding in Sinopia from 60.4 % to 76.7 %.
The group has also announced its intention to buy out the remaining Sinopia shares from private investors.

To this end, HSBC-owned CCF says it will shortly announce a public offer for the shares at the same price of e27.5 each.

Sinopia has asked Euronext to suspend its listing until the offer has been made.

Created in 1989, by the end of last year Sinopia managed around e6.4bn in assets for private and institutional investors.