Keeping a handle on the client's money
With $280bn in private clients' assets, as at 30 June 2004, HSBC Private Bank has been using hedge funds for its customers since 1989. Simon Paul, head of private wealth management at the bank, answers questions about how and why HSBC Private Bank uses the alternative asset class.
When, and why, did HSBC Private Bank start using hedge funds in clients' portfolios?
HSBC Private Bank first started advising clients on the use of hedge funds in 1989. At the time, the industry was dominated by macro strategies and was considerably smaller in asset terms than today. One of the roles of a good private bank is not only to provide financial solidity, but also to provide clients with new, interesting investment ideas. A few highly successful managers over the past 15 years had
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