MOVES-HSBC moves asset management head to Hong Kong from London

LONDON, Aug 26 (Reuters) - HSBC has moved the head of its $445 billion fund management arm to Hong Kong from London, in a sign of the shift in the British bank's power base to Asia.

HSBC said Sridhar Chandrasekharan, chief executive of HSBC Asset Management, relocated a few weeks ago to drive the build-up of its Asian operations.

His move comes as HSBC, Europe's biggest bank, considers whether to move its headquarters from London. It (Other OTC: ITGL - news) will make its decision by the end of the year and Hong Kong would be the most likely destination if it does choose to move.

"As a global asset manager, we believe there are opportunities for us to grow our business with our clients and contribute to the evolution of the investment markets," HSBC said in a statement.

HSBC's asset management business attracted $29 billion in net new money last year to lift funds under management to $445 billion. The unit brought in revenue of $1.1 billion in 2014.

HSBC CEO Stuart Gulliver told investors and analysts in June the bank would move asset management staff to Hong Kong from London due to the growth opportunities in Asia.

Chandrasekharan moved before this week's selloff in China's stock market, which has raised concerns about growth prospects in China and Asia. (Reporting by Steve Slater; Editing by David Holmes)