HSBC's asset management division said this morning it had been boosted by inflows of new money from Asia and Latin America in the first half, as western market confidence was hit by the eurozone crisis. But falling bond yields, linked to that crisis, hurt the bank's pension finances as expected.

The bank said this morning that HSBC Global Asset Management took in $13bn of net new money during the six months to June 31, taking total client assets to $405bn.