HSBC appointed a new boss for its global wealth arm. The new head spent two years in Hong Kong as an emissary of the British bank's former CEO.
London-based HSBC named António Simões to take over its wealth arm next year, the bank said in a statement on Monday. Simões replaces Peter Boyles, a 43-year veteran of HSBC who is retiring.
Simões joined HSBC before the financial crisis in 2007 as head of strategy. During the crisis, he was promoted to chief of staff to then-CEO Michael Geoghegan. Simões spent the subsequent two years in Hong Kong. He is currently head of Europe as well as of HSBC Bank Plc, the U.K. entity.
Asia Hiring Push
His credentials are impressive: previously, Simões was a partner with consulting firm McKinsey and worked as an investment banker for U.S. powerhouse Goldman Sachs. A graduate of Harvard and father of two, he is based in London.
Asia figures prominently in HSBC's push to add up to 240 private bankers to its advisor ranks by next year, as finews.asia has previously reported. HSBC employs roughly 3,000 in its wealth division – one of the world's largest.
European Revamp
Around 70 new colleagues will join this year in Hong Kong along with 40 in Singapore as part of the push, launched by Boyles last month. Boyles and Asian wealth head Siew Meng Tan told «Reuters» last week they plan to vault the region forward by hiking headcount by two-thirds by 2013 and doubling client assets by 2026.
The appointment comes shortly after HSBC grouped its Swiss bank together with five other private bank units in Europe, the Middle East, and Africa – namely the U.K., France, Germany, Luxembourg, and the Channel Islands. Along with its Asian activities, the 1,300-strong Swiss unit had been a linchpin in HSBC's efforts to court the ultra-rich.
