HSBC Life names William Chan as global CIO
HSBC promoted Hong Kong insurance investment chief William Chan to the newly created role of global chief investment officer and head of investments for global insurance with immediate effect.
Based in Hong Kong, he will report to Edward Moncreiffe, chief executive officer, global insurance.
Chan's new role will deliver a “more synergistic institutional investment capability” for the over $130 billion investment assets and over $13 billion of investment-linked assets in Asia and internationally, according to the insurer.
“This new role reflects the importance of investments in delivering upon both our policyholder and shareholder expectations,” said Moncreiffe in a statement on October 9.
Chan will lead a team of investment specialists out of Hong Kong that consolidates expertise and experience across HSBC’s multiple existing CIO teams, the firm said.
He will take global accountability for the optimisation of the insurer's investment portfolio, strategic asset allocation, and its linked investment capabilities.
"I am truly honoured to take on this exciting opportunity to leverage our consolidated investment expertise for the benefit of our substantial investment assets,” Chan told AsianInvestor.
“Together with our CIO teams, we are committed to driving robust investment returns and meeting the expectations of our policyholders and shareholders, as well as further propelling HSBC's growth and success."
Chan joined HSBC in 2016 and has been CIO of HSBC Life Hong Kong, which is the company’s largest insurance market.
The firm noted that Chan “has been a driving force in the successful expansion of the company's investment portfolio”.
Prior to HSBC, Chan held a number of senior roles at HSBC Asset Management and UBS Asset Management in Hong Kong and the UK.
GLOBAL RESTRUCTURE
Chan is one of the leaders of the Green Task Force of the Hong Kong Federation of Insurers, where he contributed to the launch of the Hong Kong Insurance Industry Climate Charter, to which HSBC Life Hong Kong is a founding signatory.
In an interview with AsianInvestor earlier this year, Chan revealed the life insurer’s plan to boost alternative investment by doubling its new commitment to private equity to up to $2 billion per year, and deploying up to $1.5 billion in new capital to private credit annually from 2024 to 2026.
His promotion comes after HSBC welcomed its new CEO Georges Elhedery in September, who has been shaking up the senior management to consolidate future growth.
The insurance business’s global CEO Moncreiffe, who took the role in April, was also promoted from his previous Hong Kong and Macau CEO position.