HSBC Asset Management continued to add new faces to its regional leadership this week as the fund management division of the Asia-focused global bank, which had $2.9 trillion in total assets at 30 June, named Daisy Ho as CEO for Asia Pacific and Hong Kong.
The appointment of Ho, who joins the firm from Fidelity International, comes just two months after HSBC AM established a new real estate team for Asia led by industry veteran Victoria Sharpe.
“Daisy’s extensive experience and knowledge of the fast-growing markets in Asia Pacific will prove invaluable to fulfilling our ambition of becoming a leading international asset manager in the region and supporting HSBC’s Asia Wealth strategy,” said Nicolas Moreau, global CEO of HSBC AM.
Ho will be responsible for growing the firm’s business in the region by building on its strength in Hong Kong, increasing its share across core markets and expanding its footprint into the mainland, India and ASEAN, the company said.
Fresh Talent for Asia Team
“Our business in Asia has seen significant momentum, with AUM growing 11 percent year-on-year as at 30 September 2021 and 12 percent year-on-year in 2020, driven by strong net flows and positive fund performance,” Moreau said in announcing the leadership change.
Based in Hong Kong, Ho will formally assume her new role on 8 November, reporting directly to Moreau. She will succeed Pedro Bastos, who is moving on to a newly-created role as CIO for international markets and Asia strategist.
A graduate of Ontario’s Western University, Ho had served at Fidelity International since 2005. In her most recent role, she was based in Shanghai as president for China, overseeing the firm’s overall strategy across business, investments, operations and other key functions in the area.
Prior to that, she served as Fidelity’s managing director for Asia ex-Japan and the Middle East from 2016 to 2020. Before joining the Boston-based financial group, Ho’s 20-year career path included senior management roles at JPMorgan, AXA and Hang Seng Bank.
Growing APAC Business
Ho is taking the reins at HSBC AM after the business grew its assets under management to $619 billion as of 30 September, which marked an increase from $571 billion at the same interval last year. Of that asset cache, $190 billion is located in Asia, representing 31 percent of the firm’s total assets under management, as reported in the third quarter this year.
In June, the firm unveiled HSBC Alternatives Investments, which combined its multi-manager hedge fund and private market teams, as well as the firm’s private debt, venture capital and direct real estate teams, after seeing its alternative assets double over the past four years.
This was in line with HSBC AM’s strategy to reposition its business, as announced in 2020, to become a core solutions provider in Asia, as well as an alternatives-focused asset manager in the region.