HSBC Global Asset Management (HSBC GAM) has announced a new head of the global emerging markets debt team following the exit of Guillermo Ossés.
Ossés, who had overseen the global emerging market debt portfolio management team, left the asset manager to join Man Group's subsidiary Man GLG earlier this week.
In his stead, HSBC GAM has named Nishant Upadhyay as his successor as head of the global emerging markets debt team. He will take the lead role on all the funds previously managed by Ossés.
Ossés had overseen several funds covering local currency debt, inflation-linked bonds and broad emerging market strategies. One of the largest of these being the $1.5 billion HSBC GIF Global Emerging Markets Local Debt fund and the $3.8 billion HSBC GIF GEM Debt Total Return fund.
His replacement Updahyay joined HSBC’s New York-based team in October 2015. He had previously spent 11 years with bond specialist PIMCO as a portfolio manager across multi-sector and total return strategies, as well as working on the firm’s Diversified Income fund.
Commenting on the appointment, HSBC GAM’s CIO of fixed income, Xavier Baraton, said: ‘This appointment of Updahyay and seamless transition is a testament to our team-based approach which values a discipline process and leverages the depth of our organisation.’
The HSBC GIF Gbl Emerging Markets Local Debt fund lost 19.7% over the three years to the end of December 2015 in dollar terms. This compares to a fall of 19.1% by its Citywire-assigned benchmark, the Barclays EM Local Cur Govt-10% Country Cap TR, over the same period.
Meanwhile, the HSBC GIF GEM Debt Total Return fund is the top-performing fund in the Bond Strategies sector on a three-year basis. It has returned 24% over this timeframe against an average manager return of 2.7%.