FUNDRAISING NEWS | November 25, 2024
HSBC Asset Management has tapped a former chief credit officer from SVB Financial Group to head up its innovation credit business as it looks to develop its venture debt strategy.
Pete Scott brings over three decades of experience, beginning as AVP at Wells Fargo Bank, before transitioning to Silicon Valley Bank, where he worked for over 17 years, most recently as senior lender and manager in technology and life sciences. He then spent over 10 years at Silicon Valley Bank’s SVB Financial Group.
In his new role, Scott will lead strategy in the expansion of the firm’s alternative credit capabilities into venture debt in partnership with HSBC Innovation Banking. The venture debt strategy will target investments in senior secured loans to late-stage venture-backed tech and life sciences companies across the bank’s “innovation hubs,” including the UK, the US, and Europe.
HSBC said its alternatives platform, composed of private markets, private credit, hedge funds, real assets, venture capital and flexible capital solutions, represents $76.1B in combined AUA and AUM, as of September 30.
