HSBC Global Asset Management UK boss Andy Clark has left the business as the fund group continues to reshuffle its senior management team.
The fund group confirmed on Monday that Clark, who had been chief executive of its UK funds arm since November 2012, had decided to leave the business to “pursue other opportunities”.
It said current head of strategy Stuart White (pictured) would replace him subject to regulatory approval.
Clark’s departure comes as the asset manager looks set to overhaul its under global CEO Nicolas Moreau. The ex-DWS chief exec, who joined last September, has been working with senior management to reinvigorate HSBC’s asset management arm by focusing on core solutions and specialist products in emerging markets, Asia and alternatives, the press release said.
“I would like to thank Andy for his hard work and dedication over the last seven years and wish him all the best in his future endeavours,” Moreau said.
HSBC Gam’s White takes on expanded role
Following the reshuffle White will see his role expanded, becoming HSBC Gam’s global head of strategy and CEO of its UK & international business, where he will spearhead the group’s future strategy, M&A and corporate management activities supported by a central team.
In his new role will be responsible for HSBC Gam’s outposts in the UK, Bermuda, Malta and Turkey and asset management activities in Saudi Arabia and for Hang Seng Investment Management in Hong Kong. He will continue to report to Moreau.
White has been with HSBC Gam since 2010, heading up its UK institutional business initially before becoming head of strategy in 2015. Prior to that he held senior roles at Threadneedle Asset Management and Insight Investment.
For the last six years he has been a trustee board director and investment committee member of the HSBC Bank Pension Trust (UK) Ltd which is responsible for the £30bn HSBC UK defined benefit and £5bn defined contribution schemes.