Erin Leonard, global head of sustainability at HSBC Asset Management, is departing the firm, a spokesperson confirmed.
Leonard’s former responsibilities “will be shared between respective businesses within HSBC Asset Management and the responsible investment team led by Cathrine de Coninck Lopez,” the spokesperson added.
Lopez is global head of responsible investment at HSBC AM.
Leonard was named global head of sustainability in July 2021 as part of a newly created sustainability office that was responsible for the firm's sustainability strategy as well as its diversity, equity and inclusion initiatives.
Leonard’s departure follows the exit of a number of other senior executives in recent months.
In November, Celine Herweijer stepped down as group chief sustainability officer to “pursue new opportunities,” said a news release at the time. She was replaced by Julian Wentzel, who was named interim group chief sustainability officer.
At the time, HSBC also appointed Danny Alexander, a former MP, as the CEO of infrastructure finance and sustainability, a new position.
Since taking over last year as CEO of HSBC Holdings, the parent of HSBC Asset Management, Georges Elhedery has embarked on a number of restructuring measures that led to the departure of some executives and appointments of others.
Elhedery hopes to slash costs by $2 billion over the next three years.
On May 2, ShareAction, a British charity and campaigner for responsible investing, criticized HSBC’s latest moves.
“After dropping its chief sustainability officer … and announcing plans to review its climate targets and policies in February, HSBC has sent deeply concerning signals around whether managing the rapidly multiplying financial risks of global heating is still one of its priorities,” ShareAction said in a statement. “As one of the largest banks in the world with exposure across Europe and Asia, HSBC is even more vulnerable than some of its European peers to climate risks, such as the effects of extreme weather, which are already impacting the lives and livelihoods of communities across the world.”
ShareAction, on behalf of 30 investors managing £1.2 trillion ($1.6 trillion) in assets, called on HSBC to “urgently affirm it will continue to build on its existing climate progress rather than backtrack, and to undertake this process in dialogue with shareholders. If the bank fails to do so, it should not expect shareholders to remain silent.”
HSBC Asset Management has $731 billion in assets under management.
