London-headquartered HSBC Asset Management, with assets of $866 billion, appoints its former CEO for Europe, UK, and Americas as its new CEO for alternatives.

HSBC Asset Management has appointed Thorsten Michalik (pictured) as CEO of its alternatives business, effective 1 April. Michalik will succeed Joanna Munro, who is retiring from the investment industry after more than 40 years in asset management – 20 of those with HSBC, the firm said in a statement.

Munro has been CEO for alternatives since 2021. 

Michalik has been at HSBC AM since 2020, most recently serving as CEO for Europe, UK, and Americas, with responsibility for both sales and entity management, and accountability for the country CEOs in those regions. He joined HSBC AM as global head of wholesale and partnerships and was later appointed head of sales Europe, Middle East, Americas, and wholesale in 2022. Still based in London, he will report to Nicolas Moreau, CEO HSBC AM.

Matteo Pardi, currently CEO AM Continental Europe, will assume the role of CEO for Europe, UK, and Americas ad interim, effective 1 April. He will retain his existing responsibilities and report to Moreau, the firm added. Pardi joined HSBC in 2001 to establish HSBC AM’s presence in Italy and has since served in a range of senior roles covering markets across Continental Europe and the Middle East.

“Joanna has made an outstanding contribution to HSBC Asset Management, most recently leading our global alternatives business and playing a pivotal role in shaping it into what it is today, as well as being an inspiring role model to many in the industry,” Moreau said.

“With Thorsten’s strong track record and deep knowledge of the business, we’re confident he will build on this momentum and lead our alternatives platform into its next phase of growth as we invest in our business. As client demand for alternative investments continues to grow, we remain focused on expanding our capabilities and delivering differentiated solutions for investors.”

HSBC Asset Management is the brand name for the asset management businesses of HSBC Holdings, which has assets of $3.233 trillion.