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US alternatives manager Ares taps HSBC executive as Asia wealth management head

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US alternatives manager Ares Management Corporation has hired Henry Lee from Hongkong and Shanghai Banking Corporation as Asia head of its wealth management unit, a newly-created position in which he will oversee retail product development and distribution across the region, among other things.

He reports to Raj Dhanda, global head of the unit, Ares Wealth Management Solutions, Ares says in a statement on June 8.

Lee, who has more than 17 years of experience in private banking and investment, was previously global head of discretionary portfolio management and head of alternative investments at HSBC’s global private bank.

“Henry’s addition and the build-out of Ares Wealth Management Solutions’ capabilities globally reflect our commitment to expanding access to Ares’ leading investment strategies and market insights for individual investors,” Chief Executive Officer and President Michael Arougheti says in the statement.

California-based Ares had US$325 billion of assets under management as of March 2022.