When, and why, did HSBC Private Bank start using hedge funds in clients' portfolios?
HSBC Private Bank first started advising clients on the use of hedge funds in 1989. At the time, the industry was dominated by macro strategies and was considerably smaller in asset terms than today. One of the roles of a good private bank is not only to provide financial solidity, but also to provide clients with new, interesting investment ideas. A few highly successful managers over the past 15 years had