Adam Lau has taken up a newly created position as regional head of markets solutions for Asia-Pacific. He was previously regional head of equities and structured products for Asia-Pacific, and his responsibilities now include fixed income, currencies and commodities in the region.
Meanwhile, Jeffrey Yap has been promoted to head investment services and product solutions (ISPS) for Southeast Asia, moving from his current role of regional head of fixed income, currencies and commodities (FICC) for Asia-Pacific.
He replaces Kenneth Yeo, who has left the bank, according to an HSBC PB spokeswoman.
“Growing the Asia wealth business is one of the top priorities for HSBC, where we continue to invest in both product and services as well as our people,” said Abdel Ben Tkhayet, head of investment services and product solutions group, Asia Pacific, HSBC PB in a press statement.
In March, HSBC said it would restructure its wealth management business to combine both high net worth and retail investors in one unit. The revamp came after the bank, which makes about 90% of its profits and 50% of its revenue in Asia, was hurt by a $7.3bn drop in annual profit and pledged to cut 35,000 jobs or 15% of its global workforce over three years.
The bank has been hiring and shuffling positions since then.
Lavanya Chari was poached from Deutsche Bank in May to be the Hong Kong-based global head of products, investments and collaboration at HSBC PB.
A month earlier, Sharan Oh was plucked from JP Morgan Private Bank to be chief operating officer for Asia-Pacific, and in March, HSBC PB announced the internal promotion of Greg Hingston to head wealth and personal banking in Asia-Pacific.
In their new jobs, Lau, who’s role covers the whole of Asia, continues to report to Tkhayet, and Yap reports to Philip Kunz, head of HSBC PB, Southeast Asia as well as to Tkhayet. Lau will remain in Hong Kong, but Yap will move to Singapore
Lau joined HSBC in 2018 from Natixis where he was head of Greater China for equity solutions sales. Prior to that, he was head of Greater China for private banking and retail sales at Deutsche Bank and earlier he was marketed structured products at JP Morgan.
Yap was appointed HSBC PB’s regional head of FICC, Asia Pacific in 2018, having joined the bank a year earlier from Pacific Alliance Group (PAG), where he was managing director in charge of the firm’s public fixed income investments.
HSBC will announce its interim results for 2020 on 3 August.
