HSBC Eyes Blackstone's Fund Of Funds Throne

May 7 2012 | 2:48pm ET

HSBC Holdings' fund of hedge funds chief is going after the industry's leader.

Peter Rigg said his HSBC Alternative Investments could surpass the Blackstone Group as the world's largest fund of funds manager. Blackstone is currently about one-third larger than HSBC, with about $10 billion more in assets under management.

But HSBC "could get there" and has "the ability and people to get there," Rigg told HFMWeek.

"We really want to find people who are real specialists in their field, possess the right incentives and psychological profile and can beat their peers," he said. "We won't invest in anything which is not very tight on the operational side, especially with newer managers which are started by very small numbers of people."

HSBC AI currently has $29.8 billion in fund of funds assets.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of