Finance

Trading Places: HSBC shifts senior execs to Hong Kong, new boss for KPMG UK, Tellworth snaps up Mark Barnett

HSBC has shifted several key executives from London to Hong Kong, as the British bank continues to focus efforts on its biggest market in Asia.

Greg Guyett, co-CEO of global banking and markets at HSBC, will move to Hong Kong along with Nuno Matos, chief executive of wealth and personal banking, and Barry O’Byrne, chief executive of global commercial banking, according to an internal memo seen by Financial News.

Nicolas Moreau, HSBC’s head of asset management, will also move from London to Asia.

READ HSBC shifts key London executives to Hong Kong in latest Asia push

Mark Barnett, the former Invesco fund manager and protégé of renowned British stock picker Neil Woodford, has joined specialist UK equity boutique asset manager Tellworth.

Barnett left Invesco in May 2019 after 24 years, overseeing some of the asset manager’s largest investment funds. He joins the nine-strong team this month.

Tellworth, which was set up in 2017 by former Schroders fund managers Paul Marriage and John Warren, oversees roughly £800m of assets across four equity funds.

READ Former Invesco fund manager Mark Barnett joins UK boutique Tellworth

Houlihan Lokey, the independent investment bank, has poached a team of four investment bankers from BMO Capital Markets to launch its coverage of oil and gas companies in Europe.

Jeremy Low, formerly co-head of investment banking and head of energy for Europe, the Middle East and Africa at BMO Capital Markets, is set to join. He will be joined by fellow BMO colleagues Tom Hughes, Thomas Wheeler and Raffaello Avakov.

In November, BMO announced it was pulling back from its non-Canadian investment and corporate banking energy business, at the cost of around 50 jobs.

READ Houlihan Lokey plots European expansion after poaching dealmaker team

KPMG UK partners have approved Jon Holt as the firm’s new chief executive following the exit of Bill Michael after a backlash to comments he made in a meeting with staff.

Audit head Holt was recommended by the firm’s board to be its newest chief executive last month with partners then voting to approve that decision, the firm announced on 12 April.

Holt needed just 50% approval from the partnership for his elevation to chief executive to be ratified.

Michael resigned from the firm in February after describing unconscious bias as “complete crap” and telling staff not to moan about working life during the pandemic in a video meeting.

READ ‘New fires every week’: Can KPMG’s new boss Jon Holt put them out quickly enough?

Andy Haldane, the chief economist of the Bank of England, is leaving to become chief executive of the Royal Society for Arts, Manufactures and Commerce.

Haldane, who joined the central bank in 1989, will step down from the Monetary Policy Committee after its June meeting, the Bank of England said in a 13 April statement.

The RSA, which is an independent charity, said Haldane will be focusing on current programmes which include the future of work and regenerative futures.

The Bank will advertise for a successor in due course, it said.

READ Andy Haldane to leave Bank of England to become CEO of Royal Society for Arts

The chief executive of Symphony, the communications provider for banks set up to rival Bloomberg, is to step down on 31 May.

David Gurlé will be replaced as CEO by Brad Levy, Symphony’s president and chief commercial officer, from 1 June, according to a statement from the company.

The departure comes just under seven years since Symphony was founded in 2014 with backers including BlackRock, JPMorgan and Goldman Sachs. The company, which counts Citigroup,Credit Suisse and HSBC among its clients, was formed in an attempt to dislodge the dominance and ubiquity of the Bloomberg terminal’s chat function.

READ Symphony CEO Gurlé steps down, Levy takes helm in management shake-up

To contact the author of this story with feedback or news, email FN Staff

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