HSBC Private Bank has appointed Patrick Tuohy as global head of sales and marketing for the alternative investment group, with collective responsibilities for the sales efforts of both the HSBC Alternative Investments fund of hedge funds business and the private bank's hedge fund advisory business. He will report to HSBC Alternative Investments (HAIL) chief executive Nigel Webber and to Peter Rigg, global head of the alternative investment group.
Tuohy joined HSBC in 2004 as head of HSBC Private Bank's alternative funds group, based in Hong Kong, where he had overall responsibility for the hedge fund investment platform in Asia and contributed to rapid growth of HSBC Private Bank's alternative investment assets under management.
He has 27 years of industry experience and has been directly involved in the hedge fund business and managing client portfolios for more than a decade. Tuohy previously worked in Hong Kong with Momentum Asset Management, the Bermuda-based alternative fund manager, to establish Momentum Asia in 1998, and was subsequently an adviser on Asian manager selection.
He began his career in financial services in the UK with the life insurance and mutual fund manager Clerical Medical. He was an early member of the firm's offshore subsidiary CMI and established its businesses in Spain in 1987 and the Middle East in 1988 before moving to Hong Kong in 1990.
Says Webber: 'With more than a decade of hedge fund investment experience, including three successful years as the alternative investment group's marketing head in Asia, Patrick is positioned to continue to promote the group and HAIL as the HSBC group's centre of excellence for hedge fund research and capitalise on the growing global interest in alternative investments.'
HSBC Alternative Investments is the dedicated investment adviser to the HSBC Group's fund of hedge funds business, while HSBC Private Bank provides private banking and trustee services to high net worth individuals and families through 42 locations in the Americas, the Asia-Pacific region, Europe and the Middle East. The private bank had more USD45.7bn in client assets invested in alternatives at the end of June.