Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Internet Explorer, Google Chrome, Apple Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser. 

See how to update your browser


16 June 2021


    • Joanna Munro is appointed CEO HSBC Alternatives, which brings together all alternatives capabilities under a single business unit
    • Xavier Baraton succeeds Joanna Munro as Global Chief Investment Officer (CIO)

    HSBC Asset Management announces that it 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 billion1.

    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.

    Joanna 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, commented: “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.”

    Joanna Munro, CEO, HSBC Alternatives, added: “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 Joanna as Global CIO. Reporting to Nicolas Moreau, he will join the Management Committee and continue to be based in Paris.

    Xavier 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.

    Nicolas Moreau added: “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.”

    Xavier’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.


    Notes to editors

    1. As at 31 March 2021. Alternatives assets include USD3.1 billion from committed capital ('dry powder'), which is not included in the total reported AUM.

    For journalists only and should not be distributed to or relied upon by any other persons.

    Approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Conduct Authority.

    Copyright © HSBC Global Asset Management (UK) Limited 2021. All rights reserved.

    Note to investors:

    The information contained in this press release does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security or fund. Any views expressed are subject to change at any time.

    This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment.

    Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target. The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets.

    HSBC Asset Management

    HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 25 countries and territories, delivering global capabilities with local market insight. As at 31 March 2021, HSBC Asset Management managed assets totaling USD621 billion on behalf of its clients. For more information, see

    HSBC Asset Management is the brand name for the asset management business of HSBC Group, which includes the investment activities provided through our local regulated entity, HSBC Global Asset Management (UK) Limited.

    The HSBC Group

    HSBC Holdings plc

    HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of USD2,959 billion at 31 March 2021, HSBC is one of the world’s largest banking and financial services organisations.