Following his exit from Morgan Stanley, Ashley Jarvis will take on a newly created role as head of global prime brokerage consulting at Bank of America-Merrill Lynch.
A shift of executives sees Joseph Chang promoted to head of prime finance in Asia, taking over from David Murphy, who will oversee Citi’s prime operations in the US.
Asian managers turn in a benchmark-beating 4% gain in January, refuelling hopes of attracting much-needed investor inflows to the sector. Event-driven funds fare best.
William Egan joins as head of mandate sales for prime services in Asia, with more hires expected. He was Barclays’ head of FX prime brokerage and OTC clearing in Singapore.
The bank is targeting Chinese hedge fund start-ups and sees strong potential to leverage relationships with its private bank and investment banking clients.
Half a dozen executives from the firm's Asia prime brokerage team have taken flight over the past year, even as the business has recorded gains in market share.
Built upon the bank’s custody and fund admin business, HSBC’s fledgling prime brokerage platform will expand to the US after roll-outs in Europe and Asia.