HSBC Asset Management Appoints Pete Scott to Lead Venture Debt Offering

SAN FRANCISCO--(BUSINESS WIRE)--Nov 25, 2024--

HSBC Asset Management (HSBC AM) has appointed Pete Scott as Head of Innovation Credit as the business extends its alternatives credit capabilities through the development of its venture debt strategy.

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The new capability is being developed in partnership with HSBC Innovation Banking, which has become one of the most active providers of venture debt across the markets it serves. The asset selection will be managed by HSBC AM, working in partnership with HSBC Innovation Banking in a similar arrangement to previous direct lending strategies by HSBC AM.

HSBC AM’s venture debt strategy will invest in a portfolio of senior secured loans to growth and late-stage VC-backed tech and life science companies; leveraging HSBC Innovation Banking’s presence in the UK, US and Europe, as well as other innovation hubs that the bank serves.

Pete Scott has been appointed to the newly created role of Head of Innovation Credit to lead the strategy. Bringing over 30 years’ experience in the industry, Pete will be based in San Francisco and is responsible for building HSBC AM’s venture debt team and bringing a product to market designed to scale up fast-growing businesses that are venture capital backed.

Scott McClurg, Head of Private Credit at HSBC AM, said: “We are delighted to welcome Pete to the team as we extend our alternatives credit product suite with the launch of our new venture debt strategy.

“His experience working with start-ups across the US, and globally, will prove invaluable as we provide our clients access to the expanding venture debt market and another stream of proprietorial HSBC originated credit transactions.”

David Sabow, HSBC U.S. Head of Innovation Banking, added: “We have been elated with the market reception and growth of HSBC Innovation Banking. Establishing this venture debt capability with Asset Management expands the breadth of flexible solutions we have to meet the financing needs of our innovation clients globally.”

The venture debt strategy will form part of HSBC AM’s ambition to grow its alternatives capabilities, which include private markets, private credit, hedge funds, real assets, venture capital and flexible capital solutions. With a team of 340 dedicated alternatives staff including over 130 investment professionals, HSBC Alternatives has combined assets under management and advice of USD76.1bn as of 30 September 2024.

HSBC Asset Management

HSBC Asset Management should be referred to either in full or as HSBC AM to avoid confusion with any other financial services firms.

HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 22 countries and territories, delivering global capabilities with local market insight. As at 30 September 2024, HSBC Asset Management managed assets totalling US$765bn on behalf of its clients.

For more information see http://www.global.assetmanagement.hsbc.com/

HSBC Asset Management is the brand name for the asset management businesses of HSBC Holdings plc.

The HSBC Group

HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through Wealth and Personal Banking, Commercial Banking, Private Banking, Global Banking, and Markets and Securities Services. HSBC Innovation Banking is a business division with services provided in the United States by HSBC Bank USA, N.A. Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. It operates Wealth Centers in: California; Washington, D.C.; Florida; New Jersey; New York; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc.

For more information, visit: HSBC in the USA

HSBC Asset Management (HSBC AM) appointed Pete Scott as Head of Innovation Credit. (Photo: Business Wire)

AVIGNON, France (AP) — A mammoth rape trial in France moved into a new phase Monday as prosecutors began to lay out the verdicts and punishments they want for dozens of men accused of raping Gisèle Pelicot while she was drugged and rendered unconscious by her husband.

After hearings stretching over nearly three months, the trial of 51 defendants in the southern city of Avignon is beginning to wrap up. Pelicot’s courage during the harrowing proceedings has helped transform her into an icon, even beyond France, for campaigners fighting against sexual violence.

The public prosecutors started Monday by focusing on Dominique Pelicot, the man that 71-year-old Gisèle Pelicot was married to for nearly 50 years and who she believed was a loving, caring husband.

But he has admitted that for years he mixed sedatives into her food and drink so he could rape her and also invite dozens of strangers that he recruited online to also rape her.

Prosecutor Laure Chabaud asked the panel of judges for the maximum possible penalty for aggravated rape — 20 years — against the victim's now ex-husband. Dominique Pelicot, who turns 72 this week, stared down at the floor, one hand on the handle of his cane, as the prosecutor spoke.

“Twenty years between the four walls of a prison,” she said. “It’s both a lot and not enough.”

The court is expected to deliver its verdicts before Dec. 20.

Gisèle Pelicot, who waived her right to anonymity, pushed for graphic images that her husband filmed of the rapes to be presented in the courtroom, showing that she was unconscious and inert, audibly snoring.

“This woman was you, Madame Gisèle Pelicot, an ordinary woman," said prosecutor Jean-François Mayet, turning to her, as he praised her courage and her desire to make shame change sides, so it falls on rapists and not their victims.

He noted that Monday also marked the international day for the elimination of violence against women and said that France faces “a long path for our society to change its view of rape culture.”

Gisèle Pelicot sat quietly, sometimes staring up the ceiling, as the prosecutors detailed how Dominique Pelicot amassed and carefully catalogued a library of 20,000 photos and videos of the abuse that stretched over nearly a decade. The evidence that he stored on hard drives, memory sticks and phones led investigators to dozens of the men he recruited, although about 20 others haven't been identified.

All but one of the defendants are on trial for aggravated rape. In previous testimony, she said they treated her "like a rag doll, like a garbage bag.”

“When did they ask the question of Madame Pelicot's consent? Not before. Not during," Mayet said.

Members of the public who hoped to witness the proceedings and lined up outside booed some defendants as they entered the courthouse, yelling: “We recognize you” and “Shame.” Banners that campaigners hung opposite the building read: “20 years for each of them” and “a rape is a rape.”

Gisèle Pelicot was greeted outside with cheers and applause.

“We feel it does her good. And it’s doing us good, too, because she’s really making a difference when it comes to feminism,” said Chantal Crémont, a supporter who traveled from western France.

“It’s revolutionary in a way. When she says that shame changes sides, it’s really that. She’s standing as the victim, and she’s turning the tables," she said. "It’s very important."

Dominique Pelicot has previously tearfully acknowledged in court that he’s guilty of the allegations against him. He said all of his co-defendants understood exactly what they were doing when he invited them to his home in Provence between 2011 and 2020 to have sex with his unconscious and unwitting wife, who divorced him after learning what he had done to her. He had no difficulty finding dozens of men to take part.

In previous weeks of testimony, many defendants told the court that they couldn’t have imagined that Dominique Pelicot was drugging his wife, and that they were told she was a willing participant acting out a kinky fantasy.

Dominique Pelicot’s lawyer, Béatrice Zavarro, said the prosecutors' request for the maximum possible penalty against him was justified “in view of the gravity of the facts and the seriousness of the acts of which he is accused.”

“There’s no surprise in asking for 20 years, and that’s what I personally expected. But it’s still a shocking and heavy sentence for a man who’ll be 72 in a few days,” she said.

FILE - Gisele Pelicot, who was allegedly drugged by her now former husband so that he and others could assault her, arrives at the court house, in Avignon, southern France, Wednesday, Oct. 16, 2024. (AP Photo/Lewis Joly, File)

FILE - Gisele Pelicot speaks to media as she leaves the Avignon court house, southern France, Thursday, Sept. 5, 2024. (AP Photo/Lewis Joly, File)