Thorsten Michalik was named head of HSBC Asset Management's newly created ETF and indexing group, which brings all of the firm's passive solutions together into one place. the firm said in a news release Thursday.
The ETF and indexing group will be driven jointly by the firm's investment and sales teams, and Mr. Michalik's new position comes in addition to his responsibilities as global head of wholesale business and partnerships, the news release said.
"Bringing together all of our passive funds, mandates and solutions under a single umbrella will enable us to continue providing clients with comprehensive passive solutions that meet their diverse and changing needs," Mr. Michalik said in the release.
Olga De Tapia, currently global head of ETF Sales, will assume the expanded role of global head of ETF and indexing sales. Guillaume Rabault, chief investment officer of quantitative equity, will oversee a dedicated ETF and indexing team within the investment team, the release said.
Creation of the new group reflects the strategic importance of passive offerings to the firm's business, the release said. Passive assets under management totaled $103 billion as of Sept. 30, up from $70 billion as of Sept. 30, 2020, the release said. ETFs accounted for $18 billion of the current AUM, the firm said.