HSBC Reshuffles Top Team as Alternatives Push Takes Off -- Financial News
16 Junho 2021 - 5:35AM
Dow Jones News
By David Ricketts
Of Financial News
HSBC Holdings PLC's fund management arm has created a new
division that will bring together 150 staff and alternative assets
representing more than $50 billion, shaking up its top team in the
process.
The unit called HSBC Alternatives will draw from HSBC
Alternative Investments --which includes third party hedge funds
and private market funds-- as well as teams from its private debt,
venture capital and direct real estate businesses.
HSBC Asset Management said its alternative assets have doubled
to $53 billion over the past four years, and that combining
expertise in this area was part of its strategy to "reposition the
business as a core solutions provider and specialist Asia, emerging
markets and alternatives asset manager."
Joanna Munro, currently global chief investment officer at HSBC
Asset Management, will lead the new business unit as chief
executive officer. She will report to Nicolas Moreau, HSBC Asset
Management's CEO, who is due to move to Hong Kong later this year
as the group looks to grow its business in Asia.
Ms. Munro, who was appointed global chief investment officer in
2019, will remain in London. She will be responsible for expanding
the range of alternative investments available to the firm's wealth
and institutional clients, across indirect and direct alternatives
including hedge funds, private markets and real estate.
Xavier Baraton, currently global CIO for fixed income, private
debt, and alternatives, will succeed Ms. Munro in the global CIO
role.
Mr. Moreau said: "We have been very successful in delivering
innovative capabilities to our institutional and wealth clients,
with the recent success of our infrastructure debt teams, the rapid
growth of our indirect private equity business, the launch of a
direct lending investment capability with HSBC UK and the
establishment of our Climatech venture capital team."
"With Joanna's strong track record of building and transforming
businesses, I am confident that we will take our alternatives
business to the next level and accelerate this important growth
opportunity."
Other asset managers have also posted recent growth in their
alternative assets businesses.
Schroders PLC, the U.K.-listed asset manager, said in March that
assets under management across its private assets and alternatives
business grew 4.3% last year to reach 46.1 billion pounds ($64.94
billion) at the end of 2020.
Meanwhile BlackRock Inc., the world's largest asset manager,
ended 2020 with $235 billion across alternatives, up from $178
billion at the end of the previous year.
Website: www.fnlondon.com
(END) Dow Jones Newswires
June 16, 2021 04:26 ET (08:26 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Hsbc (LSE:HSBA)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Hsbc (LSE:HSBA)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024