An alternative investments unit of HSBC Private Bank in the

UK is shedding a number of jobs, the firm said after WealthBriefing learned from a source familiar with the matter that up to 20 per cent of its staff had been cut.

“HSBC Alternative Investments is undertaking a small restructuring to position the company for its next stage of development which will involve adding new products. The restructuring includes a small reduction in headcount in the short term,” a spokesman said in a statement.

“HAIL remains a very important part of HSBC Private Bank, which is committed to providing alternative investments for its clients,” the spokesman said.

The spokesman could not immediately say how many jobs had been axed when contacted by WealthBriefing.

HAIL provides alternative investment products such as hedge funds and services to the HSBC’s group’s private banking and other business groups.