HSBC Asset Management Appoints Pete Scott to Lead Venture Debt Offering

Rhea-AI Summary

HSBC Asset Management (HSBC AM) has appointed Pete Scott as Head of Innovation Credit to develop its venture debt strategy. The new capability, developed in partnership with HSBC Innovation Banking, will invest in senior secured loans to growth and late-stage VC-backed tech and life science companies. Scott brings over 30 years of industry experience and will be based in San Francisco. The venture debt strategy is part of HSBC AM's alternatives expansion, which currently manages USD76.1bn in combined assets under management and advice as of September 2024.

Positive

• Partnership with HSBC Innovation Banking provides access to established venture debt origination platform
• Expansion into venture debt market represents new revenue stream opportunity
• Strong existing alternatives business with USD76.1bn AUM/AUA
• Global presence across 22 countries provides wide market access

Negative

• None.

• Pete Scott appointed Head of Innovation Credit to develop venture debt proposition
• HSBC AM taps into HSBC Innovation Banking’s origination platform in venture debt to launch new strategy

 

SAN FRANCISCO--(BUSINESS WIRE)-- HSBC Asset Management (HSBC AM) has appointed Pete Scott as Head of Innovation Credit as the business extends its alternatives credit capabilities through the development of its venture debt strategy.

HSBC Asset Management (HSBC AM) appointed Pete Scott as Head of Innovation Credit. (Photo: Business Wire)

The new capability is being developed in partnership with HSBC Innovation Banking, which has become one of the most active providers of venture debt across the markets it serves. The asset selection will be managed by HSBC AM, working in partnership with HSBC Innovation Banking in a similar arrangement to previous direct lending strategies by HSBC AM.

HSBC AM’s venture debt strategy will invest in a portfolio of senior secured loans to growth and late-stage VC-backed tech and life science companies; leveraging HSBC Innovation Banking’s presence in the UK, US and Europe, as well as other innovation hubs that the bank serves.

Pete Scott has been appointed to the newly created role of Head of Innovation Credit to lead the strategy. Bringing over 30 years’ experience in the industry, Pete will be based in San Francisco and is responsible for building HSBC AM’s venture debt team and bringing a product to market designed to scale up fast-growing businesses that are venture capital backed.

Scott McClurg, Head of Private Credit at HSBC AM, said: “We are delighted to welcome Pete to the team as we extend our alternatives credit product suite with the launch of our new venture debt strategy.

“His experience working with start-ups across the US, and globally, will prove invaluable as we provide our clients access to the expanding venture debt market and another stream of proprietorial HSBC originated credit transactions.”

David Sabow, HSBC U.S. Head of Innovation Banking, added: “We have been elated with the market reception and growth of HSBC Innovation Banking. Establishing this venture debt capability with Asset Management expands the breadth of flexible solutions we have to meet the financing needs of our innovation clients globally.”

The venture debt strategy will form part of HSBC AM’s ambition to grow its alternatives capabilities, which include private markets, private credit, hedge funds, real assets, venture capital and flexible capital solutions. With a team of 340 dedicated alternatives staff including over 130 investment professionals, HSBC Alternatives has combined assets under management and advice of USD76.1bn as of 30 September 2024.

HSBC Asset Management

HSBC Asset Management should be referred to either in full or as HSBC AM to avoid confusion with any other financial services firms.

HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 22 countries and territories, delivering global capabilities with local market insight. As at 30 September 2024, HSBC Asset Management managed assets totalling US$765bn on behalf of its clients.

For more information see http://www.global.assetmanagement.hsbc.com/

HSBC Asset Management is the brand name for the asset management businesses of HSBC Holdings plc.

The HSBC Group

HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through Wealth and Personal Banking, Commercial Banking, Private Banking, Global Banking, and Markets and Securities Services. HSBC Innovation Banking is a business division with services provided in the United States by HSBC Bank USA, N.A. Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. It operates Wealth Centers in: California; Washington, D.C.; Florida; New Jersey; New York; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc.

For more information, visit: HSBC in the USA

View source version on businesswire.com: https://www.businesswire.com/news/home/20241125883255/en/

Media enquiries:

Rebecca Lyons – rebecca.lyons@hsbc.com

Source: HSBC Asset Management

FAQ

What is HSBC AM's new venture debt strategy?

HSBC AM's venture debt strategy will invest in senior secured loans to growth and late-stage VC-backed tech and life science companies, leveraging HSBC Innovation Banking's presence in the UK, US, Europe, and other innovation hubs.

Who is the new Head of Innovation Credit at HSBC Asset Management?

Pete Scott has been appointed as Head of Innovation Credit at HSBC Asset Management, bringing over 30 years of industry experience. He will be based in San Francisco and will lead the venture debt strategy.

What is HSBC Asset Management's current AUM as of September 2024?

HSBC Asset Management managed assets totaling US$765bn on behalf of its clients as of September 30, 2024.

How many countries does HSBC Asset Management operate in?

HSBC Asset Management operates through an international network of offices in 22 countries and territories.