HSBC hires new global head 09 September 2011London Reporter: Anna Reitman
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HSBC has announced the appointment of Paul Hamill as global head of Prime Services. He will focus on the prime services platform and integrate Global Equity Finance and Delta 1 business.
Hamill comes to HSBC from Citadel Asset Management in Europe where he was the COO.
The Prime Services offering was initially aimed at hedge funds and investment managers investing in global equities, clients that are increasingly looking for "partnerships" from their prime services provider and equity broker to provide research, market access, execution, clearing, stock lending, financing and custody, writes HSBC.
"To deliver this, Prime Services needs to be more closely aligned to our Global Equities business to enable us to grow market share and revenues across the client base. Other factors such as new banking regulation, counterparty risk and market volatility are also leading to capital and liquidity constraints which have meant that it has become increasingly more important to leverage our established Global Equity Finance and Delta 1 capabilities and underpin this with our Prime Services platform," writes HSBC.
Hamill will answer to Patrick George, head of Global Equities and Cian Burke, co-head of HSBC Securities Services (HSS), whose role will be expanded to include oversight of HSS, Prime Services and the OTC clearing offering.
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