HSBC’s Hong Kong asset management arm is adding a team of specialists focused on investing in green infrastructure assets across Asia as it continues to build out its alternatives business.
HSBC said it would enter into a business transfer agreement with Green Transition Partners (GTP), in which GTP employees and certain assets would be transferred to HSBC Global Asset Management (Hong Kong). The transfer is expected to be completed by the end of next month.
Headquartered in Hong Kong, GTP is a specialist asset manager that targets mid-market investments in renewable energy generation, storage, grids, charging and hydrogen infrastructure across Asia.
“The addition of GTP’s strong team is another milestone for HSBC AM’s [HSBC Asset Management] alternatives franchise. The combination of GTP and our existing business across the region gives us the scale, reach and capabilities to provide some of the capital required to support the transition to net-zero, in what is forecast to be the world’s biggest region for energy transition infrastructure investments,” said Daisy Ho, chief executive officer for Asia Pacific and Hong Kong at HSBC Asset Management.
“We are excited to partner with HSBC AM to offer global investors access to green energy infrastructure investments in Asia. Our strategy should be appealing to clients of HSBC AM who are also focused on deploying into the low carbon economy. This partnership will help us connect local developers to global investors with similar sustainability goals,” said Paul Rhodes, managing partner at Green Transition Partners.
In 2021, HSBC Asset Management announced it was bringing together all of its existing alternatives capabilities under a single business unit called HSBC Alternatives, which has combined assets under management and advice of $52bn as of 30 September 2022.