HSBC has been adding team members to its alternative investments group, which is seen as a priority business at the Hong Kong/London-listed bank, it told this publication, responding to a report of senior departures.

HSBC has been adding team members to its alternative investments group, which is seen as a priority business at the Hong Kong/London-listed bank, it told this publication, responding to a report of senior departures.

A CNBC report says that HSBC has recently seen four of its private banking team that select money managers leave. The departing persons are William Benjamin, head of alternative investment research globally; Clark Cheng, head of alternative investment research in the Americas; David Ritterband, head of alternative advisory and discretionary mandates; and Faraz Sultan, global head of portfolio management.

It is understood that the report of these departures is correct.

When asked about the situation, HSBC said that its Alternative Investment Group is one of the largest such organisations globally, with $29.4 billion of assets under management.

The bank said that while there have been some exits, it is “hiring selectively for growth in this business and are currently recruiting for a global head of research. We have recently made the following appointments: Simon Garfield, global head of portfolio management; Peter Rice, head of portfolio management, Switzerland; Ilkka Anhava, head of hedge fund research, Americas”.