HSBC Global Asset Management Hopes for Greens in Forming JV with Pollination Group
Posted on 08/26/2020
As the banking giant HSBC Holdings plc struggles with profits, the bank’s asset management unit formed a joint venture with specialist climate change advisory and investment firm Pollination Group. HSBC Global Asset Management and Pollination Group formed HSBC Pollination Climate Asset Management to invest in projects that will “preserve, protect and enhance nature over the long-term”. Christof Kutscher, Chairman of AXA IM, will be named executive chairman of the joint venture.
HSBC Global Asset Management seeks to be a cornerstone investor in the first fund from the joint venture. The first fund seeks to raise US$ 1 billion, followed by a carbon credit fund that seeks to be a lofty US$ 2 billion in size.
Martijn Wilder and Tony O’Sullivan are founding partners of the Pollination Group. Martijn Wilder was head of Baker & McKenzie’s global climate law and finance practice for 20 years and continues to play a key role with Australia’s clean energy finance institutions. He is Chair of the Australian Renewable Energy Agency (ARENA) and a former founding Director of the Clean Energy Finance Corporation. Tony O’Sullivan founded O’Sullivan Partners, which became an investment bank in Australia.