HSBC Asset Management has created a single alternatives business as it seeks to reposition itself as a specialist Asia, emerging markets and alternatives asset manager.
The move sees the firm’s existing alternatives capabilities brought together under one business known as HSBC Alternatives that will have a 150-strong team and assets under management and advice of $53bn (£38bn,€44bn).
The asset manager described the move as the “next step in its strategy to reposition the business as a core solutions provider and specialist Asia, emerging markets and alternatives asset manager”, as HSBC’s alternatives assets have doubled over the past four years.
HSBC Alternatives comprises HSBC Alternatives Investments, which includes the multi-manager hedge fund and private market teams, as well as the firm’s private debt, venture capital and direct real estate teams with existing capabilities in the UK, France, Germany, Switzerland, Hong Kong and the US.
Management
The business will be led by Joanna Munro who will be based in London and will report to HSBC Asset Management chief executive Nicolas Moreau as a member of the management committee.
Munro has been global chief investment officer since 2019 and has worked for HSBC since 2005 in roles including chief executive of multi-manager and chief execuive of Asia Pacific. She will be responsible for enhancing and 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.
She said: “I’m looking forward to leading the growth of HSBC Alternatives and bringing the benefits of alternatives asset classes to new and existing clients. Alongside sustainable and impact strategies, such as Climatech, we will also look to grow our capabilities in Asia.”
Xavier Baraton, currently global chief investment officer for fixed income, private debt and alternatives, will succeed Munro as global chief investment officer. Baraton has worked for HSBC since 2002 and was made chief investmet officer for fixed income in June 2010.
He will also report to Moreau and will be based in Paris. His successor is yet to be named.
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