HSBC IFS rolls out new structure

The bank names Jayant Rikhye as head of IFS Asia.
HSBC Institutional Fund Services (IFS) has recently amalgamated itÆs Asian and European operations and subsequently announced a new organisational structure. In Asia, a new business head has been named, creating a more transparent chain of command. In the process, it will also align itself more with its European operations and aims to capitalize on increased cross-selling opportunities between the two continents.

Jayant Rikhye has been appointed deputy global head of IFS and Head of IFS, Asia-Pacific and will report into Mike Martin, global head of IFS in London. HeÆll continue to be based in Hong Kong and is a sign that HSBC is looking to create more synergies within this division internationally,

In his position, he will have specific responsibility for Hong Kong and Singapore, as well as overall responsibility for the Asia-Pacific business.

ôWeÆre looking to operate from a global perspective and to significantly change our business,ö says Rikhye. ôWe can do more if weÆre aligned more closely with our European counterparts.. By doing this weÆll take the Asia Pacific business to a new level.ö

Previously, Rikhye was co-head of Institutional Fund Services, Asia-Pacific, a role he shared with Alastair Murray.

Prior to this role, he brings 17 years of in-house experience to this new position. Since joining the firm in India in 1989 as a resident manager, Rikhye has held a variety of positions in Hong Kong, Taiwan and the Philippines. Additionally, he has also held the title of senior relationship manager, USA/Europe - Non-Bank Financial Institutions and has been responsible for HSBCÆs relationships with securities houses, fund managers, insurance firms and investment banks.

RikhyeÆs former co-head Murray will also be taking on a newly created role within IFS. As head of investment management, Asia-Pacific, the Hong Kong-based Murray will take on responsibility for all regional markets where HSBC IFS has a presence with the exception of Hong Kong and Singapore, which will be headed up respectively by Loretta Lam and Rajesh Atal.

Murray has been with HSBC from 2002 and working in the fund services industry since 1987. In addition to his responsibilities for HSBC IFS, Murray has also been a past chairman of the Hong Kong TrusteesÆ Association and continues to sit on various industry committees and working groups. Murray also is a member of the Securities and Futures Commission (SFC) Committee on investment-linked assurance and pooled retirement funds and the SFC committee on REITs.

Elsewhere in IFS, there have been several other changes. Andrew Law has been named to the newly created role of chief operating officer, Asia-Pacific and will handle functions including information technology, network management and a number of unnamed flagship projects. Before accepting this role, Law was head of relationship management for HSBC IFS. He will report to Rikhye.

Sales, relationship management and marketing will now be headed up by the new head of business development, Asia-Pacific, Pauline Wong. Also based in Hong Kong and reporting to Rikhye, Wong was previously regional head of sales.

Edmond Ng will remain in his current role as head of custody and banking Services, Asia-Pacific as will Bill Scrimgeour, who is head of market and product strategy.

The only new hire featured in the new structure at HSBC IFS is Jitendra Somani, who the firm has named head of transfer agency, Asia-Pacific. Somani joins from Citi in India and will be expected to drive HSBC IFSÆs transfer agency capabilities in existing markets and into at least two more Asian countries by the end of the year. He will also report to Rikhye and be based in Hong Kong.
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