According to an internal memo seen by FSA, Alfred Mui, head of Asian fixed income at HSBC Asset Management (AM), has left the company. An HSBC spokesperson confirmed to FSA that Mui spent most of his 30-year investment career at HSBC Asset Management but left the company last week to pursue other opportunities. Morningstar senior analyst Arvind Subramanian said, "Mui's departure will leave a gap in the team as he has extensive experience in the Asian credit market and leaves behind a difficult void to fill for the next generation of portfolio managers." Elizabeth Allen, head of Asian credit research at HSBC Asset Management, has taken over the leadership of the fixed income team. Subramanian added, "Across the Asian bond market, we are seeing more and more senior investors leaving their companies after long tenures." "In 2023 and 2024, some investment managers are choosing to leave as they work to mitigate downside risks caused by the slowdown in the Chinese real estate market. Recently, the wave of departures has been more driven by organizational restructuring." Morningstar's manager research team has reviewed HSBC's Asian high yield strategy, as Mui had extensive experience in the high yield sector.