CCF disp of stake in CCF-SEI

HSBC Holdings PLC
15 May 2002



The following text is the English translation of a news release issued in France
by HSBC Holdings plc's subsidiary.



              SEI INVESTMENTS HAS ACQUIRED CCF'S 50 PER CENT STAKE

                    IN THE CCF-SEI INVESTMENTS JOINT VENTURE

SEI Investments has acquired CCF's (* ) 50 per cent stake in the French joint
venture, CCF-SEI Investments, which has become a wholly-owned subsidiary of SEI
Investments.

At year-end 2001, CCF-SEI Investments had a net asset value of Euro128,000.

SEI and CCF will continue to work together through a distribution agreement. SEI
manages the 'Elysees Multi-Managers Funds', a range of funds for CCF's retail
distribution network which were launched in September 2001.

The purchase of CCF's shares comes at a time when CCF wants to concentrate on
HSBC's asset management strategy in Europe, including multi-management, and SEI
wants to deepen its commitment to France.

CCF-SEI Investments, based in Paris, will be renamed SEI Investments France. It
will provide Manager-of-Managers investment solutions to French institutional
clients and will partner with local financial services companies to provide
investment solutions to the retail and high-net-worth markets.

Patrick Serre continues to lead the company as the Managing Director. Patrick
will work closely with London-based Alex Kerschen, Managing Director for
distribution partnerships.



* CCF owned its stake in CCF-SEI Investments through the HSBC CCF Asset
Management Group. CCF is a member of the HSBC Group.


Notes to editors

1. About SEI

SEI Investments (NASDAQ:SEIC) is a leading global provider of asset management
and investment technology solutions. The company's innovative solutions aim to
help corporations, financial institutions, financial advisers and affluent
families create and manage wealth.

At 31 March 2002, SEI was processing over US$1.5 trillion of investment
transactions daily, administering almost US$257 billion in mutual funds and
pooled assets, managed almost US$79 billion in assets and operated 25 offices in
11 countries. For more information, visit www.seic.com.

Using its background in investment technology, SEI is redefining the asset
management business, providing improved governance, control, administration and
more consistent performance: in short, better investment solutions for its
clients.

Founded in 1968, headquartered in Oaks, Pennsylvania, SEI has an international
network of offices and a workforce of 1,600. SEI was ranked number one in the
field of Managers-of-Managers by the US publication, Pensions and Investments
(May 2001). Cerulli Associates has ranked SEI as number one wrap fee, or managed
account program provider in the US (Q2 2001). The Wall Street Journal ranked SEI
number one for five-year shareholder return among diversified financial
companies (March 2001).

2. About HSBC CCF Asset Management Group

HSBC CCF Asset Management Group is the asset management business of the CCF
Group. It comprises HSBC Asset Management (Europe) S.A. and a number of
specialist complementary investment vehicles. HSBC CCF Asset Management Group
employs some 600 staff and had Euro33 billion of funds under management at the
end of December 2001.

3. About HSBC Holdings plc and CCF

CCF became a member of the HSBC Group in July 2000. With some 7,000 offices in
81 countries and territories and assets of US$696 billion at 31 December 2001,
the HSBC Group is one of the world's largest banking and financial services
organisations.


                      This information is provided by RNS
            The company news service from the London Stock Exchange