HSBC (00005) Reportedly Begins Search for New CEO of Asset Management Business to Succeed Nicolas Moreau

HSBC (00005) has reportedly begun searching for a new CEO for its asset management business to succeed Nicolas Moreau. The report, citing people familiar with the matter, said HSBC representatives have begun approaching potential candidates to gauge their interest in the role. The report noted that Nicolas Moreau, 61, reports to Barry O'Byrne and joined HSBC in 2019 in the role, having previously spent two years as head of asset management at Deutsche Bank and also served as CEO of AXA Investment Managers. As of the end of June, HSBC's asset management business had US$928 billion in assets under management, lower than the investment units of large European competitors such as UBS and Deutsche Bank. The report said HSBC's asset management business generated about US$755 million in fees and other revenue in the first half of this year, up 4.7% year on year.