HSBC has hired one of Abbey National's asset-backed portfolio managers for its London-based structured investment vehicle team. Andrew Jackson will join HSBC shortly and will report to Dominic Swan, head of structured investment vehicles, according to an official at the firm. Swan was on vacation last week and could not be reached for comment.
HSBC has just launched a new asset-backed commercial paper conduit called Solitaire, which is currently $1 billion in size. The firm official says the ABCP conduit should grow to $3 billion at which time it will be used as a stepping stone to launching HSBC's first SIV.