HSBC Private Bank has announced the naming of Chris Allen to head its alternative investment funds group as the division looks to rebuild its assets.

Allen was head of real estate in HSBC Alternative Investments Ltd. As managing director and head of the funds arm that handles institutional mandates for hedge funds and real estate and private-equity investing for HSBC's private bank, London-based Allen is to report to both Nigel Webber, the chief investment officer of HSBC Global Private Banking in London, and Peter Rigg, the global head of HSBC Alternative Investment Group in Geneva, the banking company said this week.

HSBC Private Bank had $433 billion of client assets under management at Dec. 31.

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