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June 20, 2022

HSBC AM sets up new unit to bolster alternatives business

HSBC Asset Management (HSBC AM) has launched a new unit within HSBC Alternatives, the company’s alternatives business, to expand its service and offering for wealthy clients and institutional customers.

The new unit, dubbed Capital Solutions Group (CAG), will focus on raising funds and creating offerings in private and sustainable assets that provides flexible capital solutions for both institutional and wealth customers of HSBC AM.

The company has named Borja Azpilicueta to lead the new unit, which is touted to become a new horizontal within HSBC Alternatives.

According to the bank, CSG will develop solutions for both issuer and investor clients by tapping the company’s existing investment capabilities of indirect alternatives, private credit, venture capital and real assets.

Azpilicueta, who will move to HSBC AM later this year, will report to HSBC Alternatives CEO Joanna Munro. He will also be part of the HSBC Alternatives Management Committee.

Prior to his new role in CAG, Azpilicueta served as global head of HSBC Global Banking’s Private Capital Group.

The firm set up HSBC Alternatives in July last year in a bid to combine all of its alternatives capabilities under a single business unit.

The move was part of the company’s strategy to reposition the business as a core solutions provider and specialist Asia, emerging markets and alternatives asset manager.

Recent developments at HSBC

This March, HSBC Asset Management India obtained regulatory approval from the Competition Commission of India for its acquisition of L&T Investment Management.

In July last year, the firm set up a sustainability office and reorganised its Responsible Investment team as part of strengthening its sustainability proposition.

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