Food
HSBC Global Asset Management (HSBC Global AM) has appointed Puneet Chaddha as chief executive officer (CEO) of HSBC Global Asset Management (Singapore) Limited, with effect from November 1 this year – he succeeds Kalen Lim, who will move to another senior role within HSBC. Mr. Chaddha will also take up the position of head of Southeast Asia of HSBC Global Asset Management.
Mr. Chaddha was previously CEO of HSBC Asset Management (India) Private Limited – the firm says his successor in India will be announced in due course.
Operating out of Singapore, Mr. Chaddha will report to Pedro Bastos, CEO, Asia-Pacific of HSBC Global AM and Matthew Colebrook, HSBC’s head of retail banking and wealth management in Singapore.
Mr. Chaddha’s new roles will have him drive the growth of HSBC’s asset management business in ASEAN, supporting the wealth management and investment needs of HSBC’s key clients across retail, commercial, corporate, institutional and private banking primarily in Indonesia, Singapore, Malaysia, Thailand and the Philippines.
“The emerging middle class in ASEAN is expected to double by 2025 and wealth creation will continue to accelerate. The increasingly affluent domestic population will have greater need for investment products presenting significant growth opportunities to our business. As Asia faces the challenge of ageing segments, pension management and the shift to long-term, diversified investment strategies are needs that HSBC Global Asset Management is strongly positioned to support,” said Mr. Chaddha.
Mr. Bastos remarked: “Puneet has been with the HSBC Group for over two decades and has worked in several of our global businesses. He has successfully transformed the business in India in line with HSBC’s commercial and governance strategy. We are determined to expand our presence in Asia-Pacific and capitalise on our leading expertise and capabilities as a global asset manager to provide innovative products and bespoke solutions to meet our clients’ long-term investment goals.”
And Mr. Colebrook added: “HSBC’s retail strategy is to use our international network to capture the wealth flows and people-to-people links between the faster-growing markets. Singapore’s sophisticated and world-class wealth and asset management sector makes it the nexus for wealth flows within Southeast Asia. Singapore’s status as the regional centre for asset management also reinforces why it is a top-seven priority market for HSBC globally. I am pleased to welcome Puneet to lead our asset management team as we continue to support our clients achieve their wealth goals.”
