Our governance
As a fiduciary with complex responsibilities, HSBC Asset Management believes it is fundamental to have a robust and transparent governance framework.
We have a legal entity-based structure that aligns with the countries in which we operate. Each business is ultimately a wholly owned subsidiary of HSBC Holdings plc (HSBC Group), one of the largest financial services organisations in the world.
The Board of each of our regulated legal entities includes Executive Directors and a minimum of one Non-Executive Director who serves as the Chair. Non-Executive Directors are sourced from within the HSBC Group and are deemed to be independent provided they do not have line or functional responsibility for any activities of the specific legal entity or any of its subsidiaries. Certain legal entities have Non-executive Directors who are independent from the HSBC Group in order to comply with regulatory requirements and/or local best practices.
Our fund ranges have a Supervisory Body aligned to its respective legal structure, regulatory requirements, and business practices. We believe that where possible these Supervisory Bodies should include members that are independent from the HSBC Group as well as HSBC Asset Management members.
Board and Supervisory Body appointments are based on merit and candidates are considered against objective and transparent criteria, having due regard for the benefits of diversity, including amongst other things, skills, experience, age, gender, ethnic and diversity of backgrounds.
HSBC group governance
We are organisationally aligned within the HSBC Group’s Wealth and Personal Banking (“WPB”) business. As a result, the HSBC Asset Management Chief Executive Officer (“CEO”) has a direct reporting line to the Global CEO of WPB, who in turn has a direct reporting line to the Group’s CEO. Our senior executives report into the HSBC Asset Management CEO with additional functional reporting into lines, where relevant.
Global management structure
Achieving our vision requires the organisation to be dependable and to do the right thing; open to new ideas; and connected, as a single asset management team. Above all, HSBC Asset Management and our employees must act with courageous integrity by making decisions in the interests of our clients and other stakeholders, without compromising the ethical standards and integrity on which the organisation was built.
The Global Management Committee is responsible for overseeing the implementation of our strategy and ensuring an appropriate control framework and culture is operating effectively. While continually balancing the needs of various stakeholders, the Committee and its members give precedence to client and regulatory needs.
Nicolas Moreau
Global Chief Executive Officer
Nicolas Moreau joined HSBC Asset Management on 2 September 2019 as Chief Executive Officer.
Nicolas has 30 years of experience in the asset management and insurance industries. Before this appointment, Nicolas spent two years at Deutsche Bank as the Management Board member responsible for Deutsche Asset Management. As the Global CEO, Nicolas led the business to be listed on the Frankfurt Stock Exchange in March 2018 and rebranded the business to DWS. Previously, Nicolas spent 25 years with AXA Group. He was Chairman and CEO of AXA France and a member of the AXA Group Management Committee, as well as Vice Chairman of the Group Investment Committee. Nicolas has also been CEO of AXA Investment Managers and CEO of AXA UK & Ireland. He began his career with Arthur Andersen.
Nicolas is a graduate of the Ecole Polytechnique and has an actuarial degree from the Centre d'Etudes Actuarielles. He was awarded la Legion d'honneur in 2015, for his services to the French financial industry. Nicolas is a Director of the Investment Association.
Xavier Baraton
Global Chief Investment Officer
Xavier Baraton is Global Chief Investment Officer for HSBC Asset Management.
He joined HSBC in September 2002 to head the Paris-based Credit Research team and became Global Head of Credit Research in January 2004. From 2006, Xavier managed euro credit strategies before being appointed as Head of European Fixed Income in 2008 and as Global CIO, Fixed Income in 2010. In this role, Xavier moved to our New York office in 2011 and became regional CIO North America.
Having returned to Europe, he has taken on additional responsibilities as CIO for Alternatives and Real Assets in 2016 and for Private Debt in 2019, before being appointed as Global CIO of HSBC Asset Management in July 2021.
Prior to joining HSBC, Xavier spent six years at Credit Agricole CIB, including five years as Head of Credit Research. Xavier began his career in 1994 in the CCF Group. Xavier graduated from the "Ecole Centrale Paris" as an engineer with a degree in Economics and Finance in 1993 and holds a postgraduate degree in Money, Finance and Banking from Paris Panthéon Sorbonne University in 1994.
Edmund Stokes
Global Chief Operating Officer
Edmund Stokes is Global Chief Operating Officer and is based in the UK.
Prior to taking on his current role, Edmund was Global Head of Product and prior to that COO of HSBC Asset Management Asia Pacific. Edmund has extensive experience in asset management and capital markets having joined HSBC in 1993, initially in Global Banking & Markets.
He has undertaken a variety of Client Management, Business Development, Structuring and Management roles in the UK, Hong Kong and Germany. Having studied Business at Sheffield Polytechnic and Japanese at Durham University, Edmund qualified as an Associate of both the Chartered Institute of Bankers and the Association of Corporate Treasurers.
Alan Corr
Global Chief Financial Officer
Alan Corr has joined HSBC in 2023 as Global Chief Financial Officer and is based in Hong Kong.
He has over 20 years of experience in the asset management and retail wealth management sectors. He has previously worked at Fidelity International and Macquarie Group as CFO and COO, respectively. Alan’s experience includes business transformation, multiple M&A transactions and the management of offshore support centres.
At HSBC, Alan is also a member of the Global Management Committee, the Global Leadership team and the Global Risk Management Committee.
Alan is a graduate of Trinity College Dublin and a member of the Institute of Chartered Accountants England and Wales.
Daisy Ho
CEO, Asia Pacific & Head of Sales Asia Pacific and Institutional
Daisy Ho joined HSBC Asset Management in November 2021 as CEO, Asia-Pacific and Hong Kong. Based in Hong Kong, Daisy leads the business in Asia-Pacific and drives the business expansion agenda across core markets including China, India and ASEAN.
Daisy has over 20 years of experience in the asset management industry. Prior to joining HSBC, she spent 16 years with Fidelity International covering a number of senior management roles including President for China and Managing Director, Asia ex-Japan & Middle East. Before that, she held various senior positions in the wealth management and asset management divisions of JPMorgan, AXA and Hang Seng Bank.
Daisy holds a bachelor's degree in Business Studies from The Hong Kong Polytechnic University and an Executive Master of Business Administration from The University of Western Ontario.
Natasha Cork
Chief Risk and Compliance Officer
Natasha Cork is Chief Risk and Compliance Officer for HSBC Asset Management, located in London. Natasha has over 25 years of experience in financial services and joined HSBC Asset Management in 2001 where she has held various roles in the Compliance team. In May 2023 Natasha was appointed the Chief Risk and Compliance Officer for Asset Management with responsibility for Risk and Compliance globally. Natasha is a Director of HSBC Investment Funds (Luxembourg) and holds a BA Hons in Philosophy from Bristol University.
Nirmal Kumar
Global Head of HR, HSBC Asset Management and Private Banking & Wealth
Nirmal joined HSBC Asset Management in May 2021 as Global Head of HR based in London.
Nirmal joined HSBC in India in 2010 and moved to London as Global Head of Performance & Reward for Wealth & Personal Banking (WPB) in 2014. Subsequently he was Head of HR for Digital, Wealth and Retail Banking. In addition to Asset Management, Nirmal is also the Global Head of HR for Private Banking & Wealth.
Nirmal started his career in Coca-Cola as a Graduate trainee and subsequently consulted across the technology and financial services sectors in the Asia and Middle East markets with Aon and Mercer HR consulting. He specializes in Executive compensation & Long-Term Incentives, Pensions, Board governance, Talent management, Transformation and Diversity & Inclusion.
Nirmal holds a Bachelor of Commerce and an MBA in HR and Finance.
Joanna Munro
CEO HSBC Alternatives
Joanna Munro is CEO for HSBC Alternatives, based in London.
Her most recent role was as Global Chief Investment Officer (from September 2019 to June 2021) and prior to that Global Head of Stewardship and Fiduciary Governance (from 2014) and Chair of the UK asset management business (from 2016). Joanna's previous roles included Regional CEO for HSBC Global Asset Management in Asia and CEO for HSBC Multimanager. She joined HSBC in 2005 as Global Chief Investment Officer for HSBC Investments, including Multimanager, Liquidity, Asset Allocation and Solutions.
Joanna started working in the industry in 1986, working for Prudential Portfolio Managers as an Equity analyst, BARRA Inc. as an adviser to pension funds on their manager risk, Salomon Brothers Asset Management in the multi-currency fixed income team and ABN AMRO Asset Management where she set up the fund of hedge fund capability as Head of Alternatives. In 2000 she joined AXA Investment Managers and ran business development activities globally for fixed income and the structured asset management business before, in 2003, being appointed Director, Head of UK Institutional where she led the UK sales and global consultant relations teams.
Joanna has a BA (Hons) in Mathematics and Engineering from Queens’ College in Cambridge, an MSc in Economics from the London School of Economics and an MBA from Stanford University as well as an MA in Creative Writing from Goldsmiths London. She is also an ASIP (Associate of the Society of Investment Professionals) and a founding member of the Diversity Project.
Thorsten Michalik
Thorsten Michalik is CEO AM Europe, UK, and Americas and a member of HSBC Asset Management’s Operating Committee.
Thorsten joined HSBC Asset Management in 2020 as Global Head of Wholesale & Partnerships and member of the management board of the German entity. In November 2022, he was appointed Head of Sales Europe, Middle East, Americas, and Wholesale and since July 2023 had also been CEO of HSBC Asset Management Germany.
Previously Thorsten worked for four years at UBS in Zurich and Frankfurt and for 19 years at Deutsche Bank/DWS. Previous roles at DB include Head of Passive Asset Management for the Global Client Group and Global Head of db X-trackers and db-X ETC. Before this, he worked as Head of Warrants for Deutsche Securities Asia Limited and in Global Equity Derivatives Sales in Hong Kong. His last position at DWS was Co-head of the global coverage group responsible across active, passive, and alternative investments in Europe, the Middle East and Asia Pacific. Thorsten left DWS at the end of 2018 and worked in 2019 as a consultant for the asset management industry.
Thorsten has a BA in Business and Management Administration from the Polytechnic of Constance.
Dominic Skevington
Global Head of Strategy and Chief of Staff
Dominic is Global Head of Strategy and Chief of Staff for HSBC Asset Management. Based in Hong Kong, he is responsible for strategy and M&A for HSBC Asset Management in addition to supporting the Asset Management CEO on day-to-day business management.
Dominic has been working in the financial industry since 2012. Prior to joining HSBC in 2023, he worked in Credit Suisse in London where he held the role of Strategy Director, responsible for Asset Management strategy. From 2013 to 2022, Dominic held various roles for Schroders, most recently as Head of Strategy and Chief of Staff for Schroders Personal Wealth. He is a chartered management accountant and holds a Bachelor of Laws degree from Keele University in the UK.
Find out more about HSBC Group’s management structure