HSBC Global Asset Management has transferred Sten Ankacrona from Stockholm to Singapore to take up the role of head of sovereigns and supranationals for Asia-Pacific.

Ankacrona starts the new role this week and replaces Wayne Shum, who had held similar responsibilities, but was based in Hong Kong. Shum left recently for Baring Asset Management.

Rudolf Apenbrink, chief executive at HSBC Global Asset Management in Hong Kong, says the firm has developed a “strong bench” of sales and support people in Hong Kong, and also wants to support Singapore as a Southeast Asian hub. Therefore it was decided to base Ankacrona there, although his role will be regional.

Apenbrink declined to comment on whether the decision had anything to do with particular institutional clients in Singapore or Southeast Asia.

Ankacrona has been serving in a similar role for the Nordic countries, so he knows the firm’s products and business strategy. He has also worked for HSBC in the United States.

Apenbrink says the transfer is part of a gradual strengthening of the asset manager’s teams in the region, citing the recent hiring of Julie Koo from Fidelity International. “It’s not a big bang, but we are adding people where necessary, over time,” he adds.

Ankacrona will report locally to Patrick Tse, Singapore CEO; to Koo, head of institutional business for Asia-Pacific in Hong Kong; and to Cynthia Sweeney Barnes, global head of sovereigns and supranationals in London.