HSBC Global Asset Management has hired Joseph Molloy as head of passive equity, taking him from Legal & General Investment Management.
Molloy, who started the new role earlier this month, is based in London and reports to deputy chief investment officer for equities Vis Nayar. He was previously LGIM global head of index equities.
Molloy will be responsible for the indexation and ETF portfolio management team, previously managed by global head of indexation and ETFs Mark Hui.
Hui left HSBC in December 2014, and his responsibilities were managed by Vis Nayar in the interim.
Nayar says passive or beta strategies have become ”an important part” of HSBC global asset management’s equity offering, making up around a third of the overall assets under management in the unit’s equity funds.
As of December 2014, HSBC Global Asset Management had $454bn (£305bn) in assets under management. The equity division at the group holds 80bn AUM.
HSBC Global Asset Management UK chief executive Andy Clark sys: “We have a strong and successful heritage in the passive market, consisting of our range of index tracker funds, ETFs and alternative indexation [smart beta] series.
”This forms an integral component of our business, alongside our active offering, and Joseph’s addition to the team will undoubtedly further our development in this area.”
Molloy has also worked for Northern Trust Global Advisors and State Street Global Advisors.