HSBC AM Promotes Michael Cross to Chief Investment Officer for Asia

HSBC Asset Management has promoted Michael Cross to chief investment officer for Asia, with the longtime executive shifting from London to the UK finance giant’s Hong Kong office.

The new role is an expansion of Cross’s continuing commitment as global chief investment officer of fixed income, HSBC AM said Monday in a release. He reports functionally to global chief investment officer Xavier Baraton and locally to Asia Pacific CEO Daisy Ho.

Cross succeeds Cecilia Chan, who has retired after a three-decade career at HSBC AM, including nearly 27 years as chief investment officer of fixed income for Asia.

“We thank Cecilia for her outstanding leadership and significant contributions, and are thrilled to usher in a new chapter with Michael,” Ho said. “His profound experience promises to invigorate our client relations and deliver continued investment excellence in Asia, bolstering our market presence and affirming our dedication to superior investment performance.”

Institutional Knowledge

Cross joined HSBC AM in 2015 as global head of official sector institutions, shaping the strategic direction for sovereign wealth funds, central banks and pension funds, before taking up his later roles as vice chairman of institutional business and global CIO of fixed income.

Before arriving at HSBC AM, Cross spent 25 years at institutions including the Bank of England, where he rose to head of the foreign exchange division and reserves management, and the International Monetary Fund, where he served as private secretary to the managing director.

The Cambridge alum’s newly expanded role entails spearheading HSBC AM’s investment efforts in Asia by managing assets in excess of $200 billion and supervising a 180-person team.

“Michael brings over 30 years of experience to the role, with a strong track record in working closely with the most sophisticated investors globally, particularly sovereign and public pension investors,” Baraton said. “His experience, combined with his presence in Asia, will be valuable in strengthening our relationships with senior decision makers across all client segments in the region and driving new initiatives in the wake of a renewed investor appetite for fixed income solutions.”

Ramping Up in Real Estate

HSBC AM’s latest people move comes after the firm last month entered into an agreement to acquire Singapore-based real estate private equity firm SilkRoad Property Partners.

The deal would expand HSBC AM’s real estate fund management capabilities in the region by bringing on board a business with an estimated $2 billion in assets under management, primarily in value-add strategies, as well as a senior team with experience executing deals in the region’s major cities.

Known for its “buy-fix-and-sell” expertise, SilkRoad is said to have recently launched a new edition of its SilkRoad Asia Value Partners strategy, with a target capitalisation of $600 million. In 2022, the company moved beyond its value-add tradition with the debut of an open-ended, core-plus fund that reached a $144 million first close in February of that year.

HSBC AM, the investment management arm of the global banking group, had $662 billion in assets under management at the end of September 2023.