Joseph Molloy joined HSBC Global Asset Management as head of passive equity, a spokesman said.
Mr. Molloy takes on the responsibilities of Mark Hui, who was global head of indexation and exchange-traded funds and left the firm in December, the spokesman said. In the interim, Vis Nayar, deputy chief investment officer for equities, took on those responsibilities.
Mr. Molloy, who reports to Mr. Nayar, is based in London.
Mr. Nayar said in a statement that passive and beta strategies make up about one-third of overall assets under management in the firm’s equity funds. “Growth in passive equity has been particularly strong in ETFs and index trackers,” he said. Further details were not available by press time.
Mr. Molloy was previously global head of index equities at Legal & General Investment Management. Julian Harding, director of fund management for the index business, took on Mr. Molloy’s management responsibilities, according to an e-mailed statement from a spokesman for LGIM. The firm aims to add a portfolio manager to the equity team in 2015.
HSBC GAM has $454 billion in assets under management.
