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LONDON, May 17 (Reuters) - Climate Asset Management (CAM), a joint venture between the fund arm of HSBC and investment and advisory firm Pollination, said it has appointed Martin Berg as chief executive officer.
Berg, who previously worked at the European Investment Bank and Bank of America Merrill Lynch, replaces Christof Kutscher, who will take on an advisory role at the firm.
CAM, formed in 2020, is focused on so-called 'natural capital' and invests in projects that help restore biodiversity and boost the supply of carbon credits. In December, the firm said it had raised $650 million.
It also manages tech company Apple's Restore Fund, which looks to invest in projects that remove climate-damaging carbon emissions from the atmosphere. In April, Apple doubled its commitment to the fund to $200 million.
"We continue to fundraise and deploy capital and are working tirelessly with our clients to invest in landscape transformation projects at scale, to help turn the tide on the catastrophic destruction of nature around the world," Berg said.
Berg took up his position on May 1 and joins the board. He will continue to lead CAM's Nature Based Carbon Strategy until a new appointment has been made, the firm said in a statement. (Reporting by Simon Jessop Editing by Christina Fincher)
