HSBC Global Asset Management is adding to its alternatives investment business by taking over the staff and some assets of Hong Kong energy transition infrastructure specialist Green Transition Partners (GTP).
The transfer is expected to be completed by the end of February, the UK asset management company says in a statement on January 4. The terms of the deal were not disclosed.
Established in 2021, GTP focuses on mid-market investments in renewable energy generation, storage, grids, charging and hydrogen infrastructure across Asia.
According to HSBC Global Asset Management, it will continue to “invest significantly” in Asia to complement GTP’s presence in Japan, South Korea, Taiwan, Vietnam, Indonesia, Malaysia, Thailand, the Philippines and China.
“The combination of GTP and our existing business across the region give us the scale, reach and capabilities to provide some of the capital required to support the transition of net-zero, in what is forecast to be the world’s biggest region for energy transition infrastructure investments,” Daisy Ho, the company’s chief executive officer for Asia Pacific and Hong Kong, says in the statement.
London-based HSBC Global Asset Management had US$574 billion of assets, including $52 billion in alternatives, as of September 2022.
