Nicolas Moreau left DWS in October after failing to stem heavy outflows from the business
The former boss of Deutsche Bank’s investing arm has been appointed chief executive of HSBC Global Asset Management.
Nicolas Moreau will join the business, which looks after around $500bn in assets, in September. He will replace Sri Chandrasekharan, who is moving to an as yet unannounced role elsewhere within HSBC.
Moreau left DWS — formerly Deutsche Asset Management — in October, after failing to stem heavy outflows from the business that he helped steer through a public listing in March 2018.
The 54-year-old Frenchman was recruited in 2016 by John Cryan, Deutsche’s chief executive at the time, with a brief to turn around the bank’s asset management unit and prepare it for a flotation. Moreau was succeeded by Asoka Wöhrmann.
In January, Moreau set up Ladbroke Advisory to work with asset managers and fintech firms on strategy, products, distribution and takeovers.
Charlie Nunn, chief executive of retail banking and wealth management at HSBC, said: “Asset management is a key area of focus for us and one we are committed to growing in line with increased client demand for products and solutions that help meet their long-term financial ambitions.
“HSBC Global Asset Management passed the $500bn threshold for its assets under management this year, and Nicolas is the ideal candidate to lead the business going forward.”
Source : fnlondon.com
