LONDON — HSBC Holdings PLC is set to launch a major attack to win over more pension fund assets as part of a global facelift of its asset management business.
The London-based firm has embarked on an extensive hiring spree in the United Kingdom to shore up two of its asset management businesses — HSBC Investments (UK) Ltd. and HSBC Halbis Partners (UK) Ltd., both in London. The main thrust of the recruitment drive has been to develop a worldwide multimanager business.
"We've completely refocused our strategy, and our recruitment, to areas in which we'd like to be global leaders," said Farley Thomas, global head of business development for London-based HSBC Group Investment Businesses, which had $300 billion in assets under management as of June 30. (HSBC Group Investment Businesses is the umbrella division encompassing both HSBC Investments and HSBC Halbis.)
The redevelopment of the two U.K. businesses follows on the heels of the 2005 launch of the New York-based HSBC Halbis Partners (Pensions & Investments, Oct. 31), which specializes in high-alpha strategies and had $86 billion in assets under management as of June 30.
Both HSBC Investments and HSBC Halbis are part of a broader overhaul that began in 2004 with the breakup of HSBC Asset Management Ltd. into four smaller, more focused parts. The current restructuring also includes the other two units, Paris-based Sinopia Asset Management, which is HSBC's quantitative and structured products business, and HSBC Specialist Investments Ltd, London, which concentrates on real estate and infrastructure strategies.