HSBC Asset Management (HSBC AM) has combined all of its existing alternatives capabilities under a single business unit, dubbed HSBC Alternatives.

The move is part of the company’s strategy to reposition the business as a core solutions provider and specialist Asia, emerging markets and alternatives asset manager.

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The firm’s alternatives assets are said to have doubled over the past four years.

HSBC Alternatives will encompass HSBC Alternatives Investments, which consists of multi-manager Hedge Fund and Private Market teams, as well as the firm’s Private Debt, Venture Capital and direct Real Estate teams, with capabilities in the UK, France, Germany, Switzerland, Hong Kong and the US.

The new unit will have combined assets under management and advice of $53bn.

HSBC AM Global CIO Joanna Munro will lead the new combined unit, comprising a team of 150 employees.

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Munro will be based in London and will report directly to HSBC AM CEO Nicolas Moreau as a member of his Management Committee.

She will be responsible for expanding the range of alternative investments available to the firm’s wealth and institutional clients, across indirect and direct alternatives.

This includes hedge funds, private markets, and real estate.

Moreau said: “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.”

Munro 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.”

As part of the development, HSBC AM has appointed Xavier Baraton, current global CIO for Fixed Income, Private Debt & Alternatives, as global CIO succeeding Joanna.