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Our governance

As a fiduciary with complex responsibilities, HSBC Mutual Fund believes it is fundamental to have a robust and transparent governance framework.

We have a legal entity-based structure that aligns with the countries in which we operate. Each business is ultimately a wholly owned subsidiary of HSBC Holdings, plc (HSBC Group), one of the largest financial services organisations in the world.

The Board of each of our regulated legal entities includes Executive Directors and a minimum of one Non-Executive Director who serves as the Chair. Non-Executive Directors are sourced from within the HSBC Group and are deemed to be independent provided they do not have line or functional responsibility for any activities of the specific legal entity or any of its subsidiaries. Certain legal entities have Non-executive Directors who are independent from the HSBC Group in order to comply with regulatory requirements and/or local best practices.

Our fund ranges have a Supervisory Body aligned to its respective legal structure, regulatory requirements, and business practices. We believe that where possible these Supervisory Bodies should include members that are independent from the HSBC Group as well as HSBC Asset Management members.

Board and Supervisory Body appointments are based on merit and candidates are considered against objective and transparent criteria, having due regard for the benefits of diversity, including amongst other things, skills, experience, age, gender, ethnic and diversity of backgrounds.

HSBC group governance

We are organisationally aligned within the HSBC Group’s Wealth and Personal Banking (“WPB”) business. As a result, the HSBC Asset Management Chief Executive Officer (“CEO”) has a direct reporting line to the Global CEO of WPB, who in turn has a direct reporting line to the Group’s CEO. Our senior executives report into the HSBC Asset Management CEO with additional functional reporting into lines, where relevant.

Local management structure - HSBC Asset Management India

Board of Directors

Kailash Kulkarni

Chief Executive Officer

Roopa Varma

Associate Director

Dr. Indu Shahani


Kapil Seth

Independent Director

Mr. Kailash Kulkarni and Ms. Roopa Varma are associated with the sponsor. Dr. Indu Shahani and Mr. Kapil Seth are Independent Directors. Thus two out of the four directors are Independent Directors.

Key Personnel - Management Team

Kailash Kulkarni

Chief Executive Officer

Venugopal Manghat

CIO Equity

Shriram Ramanathan

CIO Fixed Income

Padmanabhan Thirumangalathu

Chief Risk Officer

Sumesh Kumar

Head of Compliance Advisory

Chirag Shah

Chief Operating Officer

Ankur Thakore

Head Retail Sales and Distribution

Ankur Banthiya

Head, Client Operations

Sujata Nikhil Gokhale

Head Product

Mittal Shah

Head of Finance

Romit Mufti

Head Human Resources

Key Personnel - Investment team

Venugopal Manghat

CIO Equity

Shriram Ramanathan

CIO Fixed Income

Neelotpal Sahai

Dir. Indian Equities & Head Offshore Advisory

Cheenu Gupta

Fund Management Equities

Gautam Bhupal

Fund Management Equities

Jalpan Shah

Fund Management Fixed Income

Kapil Lal Punjabi

Fund Management Fixed Income

Mahesh Chhabria

Head Index Funds- Fixed Income

Praveen Ayathan

Fund Management Equities

Sonal Gupta

Fund Management - Offshore Fund of Funds

Sponsors and trustees

The Sponsor of HSBC Mutual Fund is HSBC Securities and Capital Markets (India) Private Limited (HSCI), a member of the HSBC Group.

HSCI holds 100 per cent of the paid up equity share capital of HSBC Asset Management (India) Private Limited.

Board of Directors of the HSBC Trustee (India) Private Limited (Hereinafter referred to as "Trustee Company of HSBC Mutual Fund")

Jasmine Firoze Batliwalla

Independent Director

Nani Javeri

Independent Director

David Rasquinha

Independent Director

Nicolas Moreau

Associate Director

Mr. Nicolas Moreau is associated with the Sponsor. Ms. Jasmine Firoze Batliwalla, Mr. Nani Javeri and Mr. David Rasquinha are Independent Trustees. Thus, three out of the four Trustees are Independent Trustees.

Global management structure

Achieving our vision requires the organisation to be dependable and to do the right thing; open to new ideas; and connected, as a single asset management team. Above all, HSBC Asset Management and our employees must act with courageous integrity by making decisions in the interests of our clients and other stakeholders, without compromising the ethical standards and integrity on which the organisation was built.

The Global Management Committee is responsible for overseeing the implementation of our strategy and ensuring an appropriate control framework and culture is operating effectively. While continually balancing the needs of various stakeholders, the Committee and its members give precedence to client and regulatory needs.

Nicolas Moreau

Nicolas Moreau

Global Chief Executive Officer

Nicolas Moreau joined HSBC Asset Management on 2 September 2019 as Chief Executive Officer.

Nicolas has 30 years of experience in the asset management and insurance industries. Before this appointment, Nicolas spent two years at Deutsche Bank as the Management Board member responsible for Deutsche Asset Management. As the Global CEO, Nicolas led the business to be listed on the Frankfurt Stock Exchange in March 2018 and rebranded the business to DWS. Previously, Nicolas spent 25 years with AXA Group. He was Chairman and CEO of AXA France and a member of the AXA Group Management Committee, as well as Vice Chairman of the Group Investment Committee. Nicolas has also been CEO of AXA Investment Managers and CEO of AXA UK & Ireland. He began his career with Arthur Andersen.

Nicolas is a graduate of the Ecole Polytechnique and has an actuarial degree from the Centre d'Etudes Actuarielles. He was awarded la Legion d'honneur in 2015, for his services to the French financial industry. Nicolas is a Director of the Investment Association.

Daisy Ho

Daisy Ho

CEO, Asia Pacific & Head of Sales Asia Pacific and Institutional

Daisy Ho joined HSBC Asset Management in November 2021 as CEO, Asia-Pacific and Hong Kong. Based in Hong Kong, Daisy leads the business in Asia-Pacific and drives the business expansion agenda across core markets including China, India and ASEAN.

Daisy has over 20 years of experience in the asset management industry. Prior to joining HSBC, she spent 16 years with Fidelity International covering a number of senior management roles including President for China and Managing Director, Asia ex-Japan & Middle East. Before that, she held various senior positions in the wealth management and asset management divisions of JPMorgan, AXA and Hang Seng Bank.

Daisy holds a bachelor's degree in Business Studies from The Hong Kong Polytechnic University and an Executive Master of Business Administration from The University of Western Ontario.

Find out more about HSBC Group’s Management structure

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