de Tapia Olga HSBC AM HSBC Asset Management

HSBC AM’s ETF and Indexing business passes USD100bn in AUM

HSBC AM : Assets have tripled over the last four years, outpacing growth of the wider European ETF and Index fund market

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Olga de Tapia, Global Head of ETF & Indexing Sales, HSBC Asset Management


  • HSBC AM lists new ETF share classes in the United Kingdom, Italy, and Switzerland for its flagship fixed income passive fund managing over USD 12bn of assets

 HSBC Asset Management’s (HSBC AM) ETF and Indexing business has passed USD100 billion in assets under management (AUM)1, reflecting its rapid expansion over the past four years.

The firm currently manages USD101bn in assets2 across its range of ETFs and Index funds, up 181% from USD36bn at the end of 20193, when the business repositioned its passive growth strategy with the arrival of CEO Nicolas Moreau.

The rapid growth, which has outpaced that of the wider European ETF and Index fund market4, has been facilitated by the development of the firm’s passive product suite and the launch of new product ranges focused on minimising tracking error and costs for investors, with a track record of consistent performance.

The success of the platform has also been driven by the business’ focus on client service excellence, alongside the expansion of the ETF and Indexing team in areas including sales, investments, product, and operations.

HSBC AM also recently announced the listing of its largest passive fixed income fund, as part of its move to issue listed and unlisted share classes to meet growing investor demand for flexibility5. This ETF was recently renamed “UCITS ETF” to reflect regulatory requirements in Ireland and is issued by the HSBC Global Funds ICAV platform. Managing USD 12bn, the fund will become the largest Global Aggregate Bond UCITS ETF listed in Europe and the third largest UCITS Fixed Income ETF in the European market6. HSBC AM’s total ETF AUM is expected to increase to above USD 50 bn as a result of the listings.

Growth in ETF assets

HSBC AM’s ETF assets have increased fourfold from USD8.8bn at the end of 2019 to over USD37bn as at end of March 20247, representing a faster rate of growth compared to the European ETF market, which has doubled in size over the same period. The firm now also has one of the best performing and third largest MSCI World ETFs in the market at USD9.6bn8, which demonstrates the ability of the platform to manage funds at scale.

This strong growth has been reflected in prominent industry rankings, with the UCITS ETF business climbing from 12th largest by AUM at the end of 2019 to 8th, according to ETFBook.

Growth in Index funds

Assets in HSBC AM’s Index funds have more than doubled from USD27bn at the end of 2019 to over USD63bn as at end of March 2024, compared to the wider European Index fund market which has expanded by a third9 over the same period according to data from Morningstar.

The firm now has the largest Global Aggregate Bond Fund in the market at USD11.7bn, while its Global Islamic Equity Strategy has increased fivefold since the end of 2019, reaching USD5.5bn in AUM as at end of March 202410. HSBC AM now has a range of nine Islamic funds in different passive wrappers, providing clients with multiple investment options.

HSBC AM’s UK-domiciled Index fund assets have more than doubled in size to reach over USD43bn in AUM since the end of 2019, with its American Index strategy reaching over USD17.8bn AUM11.

Olga De Tapia, Global Head of ETF & Indexing Sales at HSBC Asset Management, added: 

“This key milestone speaks to the quality of our client service and the strength of our product range, which has become synonymous with expertise in emerging markets and sustainable investing. We have seen our core products continue to gather assets at an accelerating pace, coupled with strong interest across our sustainable and faith-based product ranges.

“Going forward, we will retain our focus on putting our clients first and acting as a reliable partner for them. We will also continue to expand our offering to provide clients with leading products across the core, emerging market, sustainable, faith-based, and thematic investing spaces, helping them construct portfolios with a range of risk profiles, suitable for a variety of market environments.”


1 Figures exclude mandates

2 Source: HSBC Asset Management, as at 28 March 2024

3 Source: HSBC Asset Management, as at 28 March 2024

4 The European ETF and Index fund market has grown by 60% since the end of 2019 according to data from ETFBook and Morningstar, while the AUM across HSBC AM’s ETF and Index funds has almost tripled over the same period. It equates to a compound annual growth rate of more than 25%, with the broader market expanding at around half of this rate.

5 HSBC Asset Management Renames Four Index Funds Ahead of the Launch of New ETF Share Classes

6 Source: ETFbook.com, April 2024

7 Source: HSBC Asset Management and ETFBook, December 2019 to 31 March 2024

8 Source: ETFBook and Bloomberg. As per the top 10 MSCI World ETFs by AUM to compare performance over 6m and 5Y.

9Source: Morningstar, December 2019 to March 2024

10 Source: HSBC Asset Management and Bloomberg, as at 28 March 2024

11 Source: HSBC Asset Management and Bloomberg, as at 28 March 2024

Source: ETFWorld.co.uk


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