HSBC Group

Nuno Matos led wealth and personal banking until late 2024, overseeing investment product and alternatives strategy for the private bank. The alternatives platform draws on dedicated portfolio management teams in Hong Kong and London, with the chief investment office setting asset allocation frameworks. In early 2025, a new wealth division leadership structure was announced as part of the broader group reorganization under Georges Elhedery.

Sourcing combines the group's global commercial and corporate banking relationships with a dedicated alternatives origination team. The firm leverages its position as one of the largest trade-finance and transaction-banking providers in Asia to identify investment opportunities among corporate clients. Private bank clients access these deals through co-investment vehicles and fund commitments structured in Luxembourg and Hong Kong.

HSBC is a publicly listed universal bank with an in-house asset management and private banking division — not a single-family office. The alternatives platform functions as an institutional manager but serves single-family-office clients through customized mandates, structured lending, and direct co-investment access. The firm's Hong Kong booking center is a hub for several dozen Asian family offices that use HSBC for custody and deal execution.

The private bank and asset management division actively structures co-investment opportunities for ultra-high-net-worth and family-office clients. The group's alternatives platform partners with external general partners in private equity, real estate, and infrastructure while offering clients the ability to co-invest directly through HSBC-arranged special purpose vehicles. This model allows families to access institutional-quality deal flow without committing to blind-pool fund structures.

HSBC operates the HSBC Private Bank Philanthropy Services unit, which advises family-office clients on charitable structuring, foundation governance, and impact investing allocations. The group's own foundation is a separate UK-registered charity. The bank does not commingle philanthropic vehicles with its commercial alternatives platform.

The group has publicly stated exclusions on thermal coal financing and new oil and gas field development, per its 2023 energy policy update. The alternatives platform screens out investments inconsistent with these group-level policies — notably certain extractive industries and cluster-munitions manufacturers. Clarity around nuclear energy and defense-sector exclusions has varied by region.

The platform covers the full capital structure — from venture growth equity in Asian technology companies through HSBC Asset Management's venture-capital unit to mezzanine credit and mature infrastructure assets. Co-investments tend to skew toward growth-stage and late-stage private companies, real assets with contracted cash flows, and directly originated private credit facilities.