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Q3 2023 business update

Message from our Chief Executive Officer – Nicolas Moreau

I would like to update you on Asset Management's contribution to HSBC Group's Q3 2023 results and share some key strategic highlights from the past quarter.

How we are performing

I'm proud to say that our AUM has grown to a record USD662bn as of 30 September 2023, up from USD651bn in June 2023, demonstrating our focus on growth and the continued momentum in the business. We also saw USD26bn in new flows in Q3, compared to USD10bn for H1 2023.

Our AUM is split as follows:

Q3 2023 Business update graph

Highlights from Q3 2023

In Q3 2023, as part of our commitment to delivering first class investment solutions, we further expanded our ETF and indexing product suite with the launch of a new Global Sukuk UCITS ETF - a new ETF share class of an existing fund launched in January 2023, and the first Sukuk ETF to be listed in Europe.

We also signed a distribution agreement with Chile's BCI Asset Management (BCI AM) to offer our funds to clients in Latin America. BCI AM now distributes more than 100 of our global funds to institutional investors and wealth managers in Chile, Peru, Colombia, Uruguay, and the US offshore market.

In Asia, HSBC Mutual Fund crossed the AUM milestone of INR1trn (USD12bn), ranked as the 14th largest fund house in India by AUM. It also launched the HSBC Consumption Fund, the third product launch since the L&T Investment Management (LTIM) acquisition, raising over USD110m in client commitments.

We made further progress in our efforts to expand our alternative investment capabilities. Our Energy Transition Infrastructure (ETI) team made its first investment under the ETI strategy in Tekoma Energy. With this new investment, Tekoma Energy is expected to invest into a significant pipeline of new renewable projects.

We also made a EUR5m investment under our Fintech Venture Capital strategy into Hello Better - a European leader in the field of digital therapeutics for mental health, and a global pioneer in digital mental health research.

As part of our commitment to Diversity, Equity, and Inclusion, we have partnered with the Black Women in Asset Management, an organisation that champions the positive impact of Black women in the asset management industry.

The strong results from the past quarter show that we are on the right track and our strategy is working. We remain committed to opening up a world of opportunity for our clients, by providing market leading investment solutions, aligned to the sustainability transition and growth in emerging markets and Asia.

Thank you for choosing HSBC Asset Management.

Best wishes,
Nicolas Moreau

Important information

The material contained herein is for marketing purposes and is for your information only. This document is not contractually binding nor are we required to provide this to you by any legislative provision. It does not constitute legal, tax or investment advice or a recommendation to any reader of this material to buy or sell investments. You must not, therefore, rely on the content of this document when making any investment decisions.

This material is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This material is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment.

Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target.

Risk warning

  • Please remember that past performance is not a guide of future returns
  • Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up