HSBC has sold an 80.1% stake in HSBC Specialist Investments, an asset management unit that runs about $4bn in real estate and infrastructure funds, as part of plans to dispose of private equity and similar businesses.

The UK bank will maintain a stake of 19.9% in the business, which has been renamed InfraRed Capital Partners, and continue to participate as an investor in its funds, as well as considering new investments with the company "on a case by case basis".