HSBC Asset Management (HSBC AM) has appointed Thorsten Michalik as chief executive of its alternatives business.

Michalik succeeds Joanna Munro, who is retiring from the investment industry after more than 40 years in asset management, half of which were spent at HSBC. She has been chief executive of the alternatives business since 2021.

Michalik has been at HSBC AM since 2020, which manages assets totalling $866bn (£646.5bn), most recently serving as chief executive for Europe, the UK and the Americas.

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His appointment is effective from 1 April. He will continue to be based in London and will report to Nicolas Moreau, chief executive of HSBC AM.

“With Thorsten’s strong track record and deep knowledge of the business, we’re confident he will build on this momentum and lead our alternatives platform into its next phase of growth as we invest in our business,” said Nicolas Moreau, chief executive of HSBC Asset Management. “As client demand for alternative investments continues to grow, we remain focused on expanding our capabilities and delivering differentiated solutions for investors.”

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Matteo Pardi, currently chief executive at HSBC AM continental Europe, will assume the role of chief executive for Europe, the UK and the Americas on an interim basis, effective 1 April.

He joined HSBC in 2001 to establish HSBC AM’s presence in Italy and has since held a range of senior roles covering markets across Continental Europe and the Middle East.

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