HSBC Asset Management (HSBC AM) appointed Pete Scott as head of innovation credit as the business extends its alternatives credit capabilities through the development of its venture debt strategy.

The new capability is being developed in partnership with HSBC Innovation Banking. The asset selection will be managed by HSBC AM, working in partnership with HSBC Innovation Banking in a similar arrangement to previous direct lending strategies by HSBC AM.

Scott has been appointed to the newly created role of head of innovation credit to lead the strategy. Bringing over 30 years’ experience in the industry, Scott will be based in San Francisco and is responsible for building HSBC AM’s venture debt team and bringing a product to market designed to scale up fast-growing businesses that are venture capital backed.

“We are delighted to welcome Pete to the team as we extend our alternatives credit product suite with the launch of our new venture debt strategy,” Scott McClurg, head of private credit at HSBC AM, said. “His experience working with start-ups across the U.S., and globally, will prove invaluable as we provide our clients access to the expanding venture debt market and another stream of proprietorial HSBC originated credit transactions.”

“We have been elated with the market reception and growth of HSBC Innovation Banking,” David Sabow, U.S. head of innovation banking for HSBC, said. “Establishing this venture debt capability with Asset Management expands the breadth of flexible solutions we have to meet the financing needs of our innovation clients globally.”