HSBC (00005) is rumored to be looking for a new CEO to replace Nicolas Moreau for its asset management business

The Zhitong Finance App learned that, according to reports, HSBC HSBC (00005) has begun searching for a new CEO for its asset management to replace Nicolas Moreau. The report quoted people familiar with the matter as saying that HSBC representatives have begun to reach out to potential candidates to understand their interest in the position.

According to the report, 61-year-old Nicolas Morea reported to Barry O'Byrne (Barry O'Byrne) that she joined HSBC in a relevant position in 2019. Previously, she was the head of asset management at Deutsche Bank for two years, and also served as CEO of AXA Investment Management.

At the end of June, HSBC's asset management business managed a capital of US$928 billion, lower than the investment departments of major European competitors such as UBS and Deutsche Bank. According to the report, the expenses and other revenue of HSBC's asset management business in the first half of this year were approximately US$755 million, an increase of 4.7% year-on-year.