HSBC Global Asset Management has appointed Mark Li as its new head of institutional business for China.

Li, who is currently chief investment officer for Greater China at HSBC Insurance, joins HSBC GAM on June 15. He will report to Pedro Bastos, HSBC GAM’s Hong Kong chief executive and Asia-Pacific head.

Hong Kong-based Li replaces Susanna Wong, who a spokesman said had left HSBC “to pursue opportunities outside the bank”.

An HSBC GAM spokesman said Li would be driving institutional business development in China: “We see a lot of opportunities for expansion in various client segments in China including sovereigns, pensions, insurance companies and corporates.” HSBC GAM's China institutional team is based in Hong Kong.

Li has worked at HSBC for more than 10 years. Prior to joining the bank, he held a number of investment-related positions in financial institutions in China.

An HSBC spokesman said there would be an interim replacement for Li before the official insurance CIO replacement was made. He did not say who the interim replacement would be.

In announcing Li’s hire, Bastos described China as “instrumental to our institutional business in Asia”.

It comes months after the departure of Julie Koo, head of Asia-Pacific institutional sales for HSBC GAM. Koo left the bank earlier this year to join UBS Global Asset Management and has not yet been replaced.