Colin Brooks, HSBC Securities Services' head of sub-custody, has left the bank. He has been replaced by two global heads who will jointly run the reorganised investor and asset services business.
HSBC becomes the latest global custodian to offer broker outsourcing services to top-tier broker-dealers. But some analysts say smaller brokers would gain more from these services.
The launch widens HSBC's footprint in the lucrative market for third-party agency clearing services in Asia.
Ex-Deutsche executive Nico Torchetti will develop services for HSBC’s burgeoning third-party agency clearing business.
The UK bank rotates three senior custody executives between Australia, Hong Kong and Japan.