HSBC Global Asset Management has set up a new business unit for alternative investments with US$53 billion of assets under management headed by Joanna Munro as chief executive officer.
The unit, HSBC Alternatives, combines assets and staff of HSBC Global Asset Management’s multi-manager hedge funds. private market, private debt, venture capital and direct real estate teams. It has 150 employees.
Munro was previously chief investment officer of HSBC Global Asset Management. The company has promoted Xavier Baraton, who was the fixed income CIO, to Munro’s old job.
The announcements were made in a statement on June 16.
Munro, who is based in London, reports to Nicolas Moreau, CEO of HSBC Global Asset Management.
“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,” Moreau says in the statement.
The company says Baraton's successor will be announced in due course.
London-based HSBC Global Asset Management had $621 billion of assets under management as of end-March 2021.