HSBC has been selected by Allianz Turkey as the manager of its personal pension funds, Global Pensions reports. The selection comes as part of a partnership deal between the two firms.

As a part of the move, HSBC Portfolio Management will manage all assets and liabilities of Allianz personal pension investment funds in Turkey. The $1.85 billion of assets to be managed include $311.1 million from the premiums collected by Allianz’s life insurer in the country, adds Bloomberg.

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