HSBC has moved three of its sub-custody executives into new positions in the Asia-Pacific region. Andrew Bastow takes over as Australia head of HSBC Securities Services from Peter Snodgrass, who will relocate to Tokyo as Japan head of sub-custody and clearing. The current custody head in Japan, Shaik Ismail Hakim, will move to Hong Kong in an as-yet-undisclosed "senior sub-custody role".
"We have people who are ambitious and talented, and some would like international experience," says Colin Brooks, Hong Kong-based global head of sub-custody and clearing. "Our international footprint allows us to give our employees the opportunity for such experience."
Bastow, currently Dublin-based chief technology and services officer for HSBC Ireland, will become Australia head on December 7. He brings a strong operations background to the position and is expected to build on Snodgrass's strong leadership of the bank's sub-custody business down under. Bastow worked in Australia and New Zealand for five years before joining HSBC in 1999; the bank has not yet named a replacement for him.
Snodgrass takes over from Hakim on January 1, charged with maintaining service standards and continuing to develop HSBC's sub-custody business in Japan. Snodgrass had worked as Australia head for four years.
As for Hakim's new senior sub-custody role, the bank would only say that he will relocate to Hong Kong on January 1.
Broker-dealer outsourcing is one area the bank is eyeing for growth. Brooks says this is something Bastow will look at in Australia, one of three Asia-Pacific markets where regulators have recently begun to allow broker-dealers to outsource various clearing services. HSBC is also in discussions in Hong Kong and Singapore on this front.
While many of its competitors have been adding to their custody teams, HSBC has made few appointments over the past year. The bank appointed Dan Massey as global head of business development and regional head for Southeast Asia for its sub-custody and clearing business last November.
HSBC offers sub-custody services in 16 markets in Asia-Pacific. At the end of June, global assets under custody stood at $2.42 trillion.