HSBC has replaced its HSBC Asset Management unit with HSBC Investments and HSBC Halbis Partners, effective May 3.

The launch of the money management units is in line with the bank's new strategy for its investment business, HSBC officials said.

HSBC Investments will be the new global solutions platform of HSBC and will specialize in creating products and service for personal and corporate investors. It will manage about $140 billion in assets of retail mutual funds and lifecycle products, portfolios for private clients and institutions, and institutional money market funds officials said.

HSBC Halbis Partners will manage about $65 billion in assets and specialize in fundamental active investment, focusing on areas such as global fixed income, European equities, Asian and global markets equities and some alternative strategies. It is the intended platform for alpha-seeking investors, said Alain Dromer, CEO, Group Investment Business, HSBC.

Alongside HSBC Halbis Partners, are plans for the bank to develop two existing specialist investment businesses, namely Sinopia, and HSBC Specialist Investments, the property and infrastructure company.

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