HSBC Alternative Investments has appointed Nigel Webber as chief executive officer, in addition to his existing position as chief investment officer of HSBC Private Bank. He succeeds Barbara Rupf Bee, who has been named as global head of institutional sales at HSBC Investments following two years in charge of the alternative investment business.
Under Webber's leadership, HSBC Alternative Investments will continue to be the HSBC Group's centre for hedge fund research and the management of fund of hedge funds portfolios on a discretionary and fund of funds basis.
'Interest in alternative investments continues to grow around the world as investors seek to achieve alpha and diversification,' Webber says. 'HSBC Alternative Investments will continue to invest in the growth of the business with the goal of substantially increasing assets under management over the next three years.'
Webber began his career with KPMG before joining Citigroup International for five years in London and New York. Subsequently he specialised in portfolio management and private equity with a number of privately-owned firms.
In 1993 he became a partner with Crosby Asset Management in Hong Kong and in 1998 he joined Republic National Bank of New York, which was subsequently acquired by HSBC and became part of HSBC Private Bank.
There Webber was head of investment management, overseeing rapid growth of investment in alternative investments and discretionary portfolios, and became the bank's London-based chief investment officer in November last year.
Operating within HSBC Private Bank, the group's international private banking business, HSBC Alternative Investments is the dedicated investment adviser to the fund of hedge funds business.
HSBC Private Bank provides private banking and trustee services to high net worth individuals and their families through 42 locations in the Americas, the Asia-Pacific region, Europe and the Middle East. It had client assets under management in excess of USD45.7bn at the end of June.