HSBC seeks new asset management CEO to replace Moreau, Bloomberg reports
HSBC is searching for a new chief executive for its asset management business to replace Nicolas Moreau, according to Bloomberg. The bank has approached potential candidates, as the unit manages US$928 billion in assets.
HSBC (0005) is looking for a new chief executive for its asset management business to replace current CEO Nicolas Moreau, Bloomberg reported, citing people familiar with the matter.
The bank's representative has reached out to potential candidates to gauge their interest in the position, the report said.
Moreau, aged 61, took on the role as HSBC's global asset management CEO in 2019. He previously spent two years at Deutsche Bank as a management board member responsible for Deutsche Asset Management, and served as CEO of AXA France, AXA Investment Managers, and AXA UK & Ireland.
He reports to Barry O'Byrne, CEO of International Wealth and Premier Banking at HSBC.
HSBC Asset Management managed a total of US$928 billion (HK$7.24 trillion) in assets as of June this year, which is lower than that of other European competitors such as UBS and Deutsche Bank.
HSBC's asset management business generated approximately US$755 million in fee and other income, representing a 4.7 per cent year-on-year increase.