HSBC in sales restructure

HSBC Asset Managementhas undergone further personnel changes following a partial restructure of the group’s sales and marketing operations.

Institutional and retail business development managers, Michael Blake and Ed Nasser, have left the group following HSBC’s strategic decision to focus on generating new business geographically, as opposed to being institutional and retail orientated.

The group now has three individuals covering all states, with Allan Evans responsible for South Australia, Victoria and Tasmania, David Denby responsible for Western Australia and New South Wales and Narelle Bourke looking after the group’s business in Queensland.

Meanwhile, chief strategist of HSBC’s investment team Kerry Duce has also departed the group, while Luke MacRedmond has been appointed as head of research relationships and reports to recently appointed head of distribution, Michael Lovett.

Other recently changed roles within the group include acting head of Australian equities Robert Hook who cemented his position in the role. Hook reports to Jon Taylor, who also took on a new role this year when he joined from UBS Global Asset Management in May to replace the departed Paul Kaisan.

Another personnel change at the asset manager this year is Jonathan Findlay, who was appointed in August as the group’s senior investment manager, small companies.

The group’s funds under management in Australia have fallen off slightly over the September quarter according toAssirtfigures, with assets down 4.35 per cent from $2.67 billion to $2.55 billion compared to the June quarter. The group’s retail inflows were down $12.9 million, despite assets rising from $700 million to $709 million.