HSBC is preparing to boost its Asian equity business with a new senior hire based in the region. The move follows the arrival of Simon Brookhouse, managing director and head of global equity-linked business for Europe, the Middle East and Africa at Merrill Lynch in London, in a new role as deputy head of equities in London.
Annie Cheng, spokeswoman at HSBC in Hong Kong, said the firm has been building up equity in the last two years. She added the new role in Asia has yet to be determined, but the firm is now in the process of hiring for the position.
"They've made a good effort for debt and fx derivatives, but still seem to be punching below their weight in equity," said an equity head at a bulge bracket firm. "It looks like they're trying to address this." HSBC has been making inroads in equity derivatives, putting teams in place in Europe and Asia (DW, 2/15/04).
Brookhouse left Merrill last month after stints in running desks in both London and Hong Kong (DW, 5/13). Equity insiders anticipate Brookhouse will look to recruit former colleagues from Merrill for HSBC's effort.
