HSBC has hired Steven Phan, head of the funds and active strategies structuring and trading team at Merrill Lynch in London, to boost its global fund-linked business. Phan joins in London as managing director and co-head of global structured fund products.
Albert Yu, head of derivatives and structured products marketing for the Americas in New York, is the other co-head. Yu declined comment and Phan referred calls to the press office. Neil Brazil, spokesman for HSBC in London, confirmed the move.
At HSBC, Phan and Yu will have a dual reporting line to Samir Assaf, head of fixed income and derivatives trading for Europe in London, and John Paganucci, head of derivatives trading for the Americas in New York. At Merrill in London, Phan's former role was divided up following a reorganization of the equity-linked business (DW, 2/4).
Phan's hire follows the addition of a pair of fund-linked structurers to HSBC in New York two weeks ago (DW, 4/15). One hire, Tim Andrews, will relocate to London as a senior v.p. in about six months to lead the structuring efforts there. He will report to Phan. "The plan is to get the business there up and running," he said, adding he will structure fund products such as notes, swaps and options. The London group will wrap hedge funds any way it can, he added.
