Tuesday, 7 July 2015
Last updated 13 min ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…