HSBC Asset Management saw its funds increase 20% in 1999 to $75bn, the group reported this week.

The increased emphasis on the distribution of retail mutual funds and unit trusts through the group's retail branch network contributed to additional fee income during the past year. The news comes as HSBC Holdings announced a 21% increase of its overall pre-tax profits - up from $6.57bn in 1998 to $7.89bn.