HSBC AM combines alternatives capabilities to establish HSBC Alternatives
HSBC Asset Management is bringing together all of its existing alternatives capabilities under a single business unit, HSBC Alternatives, with a 150-strong team and combined assets under management and advice of USD53 billion.
The firm’s alternatives assets have doubled over the past four years and the creation of a single business unit is the next step in its strategy to reposition the business as a core solutions provider and specialist Asia, emerging markets and alternatives asset manager.
HSBC Alternatives will comprise of HSBC Alternatives Investments (HAIL), 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.
Joanna Munro, currently Global CIO, will lead the new combined unit, reporting directly to Nicolas Moreau as a member of his Management Committee. Joanna was appointed Global CIO in 2019 and has been with HSBC Asset Management since 2005, with responsibilities including CEO Multi-Manager and CEO Asia Pacific. She will continue to be based in London.
Munro 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. Under her leadership, the newly combined team will work closely with other parts of HSBC Asset Management to deliver on the firm’s strategic enablers of client centricity, investment excellence and sustainable investing.
Nicolas Moreau, CEO, HSBC Asset Management, says: “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.”
Munro adds: “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 CIO for Fixed Income, Private Debt & Alternatives, will succeed Muro as Global CIO. Reporting to Nicolas Moreau, he will join the Management Committee and continue to be based in Paris.
Baraton moves into the role with close to 20 years’ experience in investment management. He joined HSBC Asset Management as Global Head of Credit Research in 2002 and has been CIO for Fixed Income since June 2010.
Moreau adds: “I am delighted to be appointing Xavier Baraton as Global CIO. Xavier’s outstanding investment track record, commitment to embedding sustainability across our fixed income asset class with innovations such as our real economy EM green bond strategy, REGIO, and more recently his leadership on diversity and inclusion across our investment platform make him ideally placed to lead our investment teams globally.”
Baraton's successor will be announced in due course.
In 2020, HSBC Asset Management set out its strategy to re-position the business as a core solutions and specialist emerging markets, Asia and alternatives focused asset manager, with client centricity, investment excellence and sustainable investing as key enablers.