HSBC hires Asia-Pac financial institutions coverage duo - memo

Hong Kong Mon Nov 12, 2012 10:16am GMT

HSBC's logo is displayed inside an office tower in Hong Kong February 27, 2012. REUTERS/Bobby Yip

HSBC's logo is displayed inside an office tower in Hong Kong February 27, 2012.

Credit: Reuters/Bobby Yip

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Hong Kong (Reuters) - HSBC Holdings Plc (HSBA.L) has hired two veteran JP Morgan (JPM.N) bankers to help expand its coverage of financial institutions in Asia Pacific, according to a memo obtained by Reuters on Monday.

Olivier de Grivel joins the bank as head of the financial institutions group (FIG) for Asia Pacific, after 30 years at JP Morgan (JPM.N) where he most recently held the equivalent role. He was replaced as JP Morgan's FIG head by Jing Zhao in May this year, in what was described at the time in an internal memo as a retirement from the firm.

Simon Derrick also joins HSBC's FIG team from JP Morgan, where he spent 16 years. His role at the London-based bank will involve covering what the bank calls asset-side clients, including asset managers, hedge funds and reserve managers.

Both bankers will be based in Hong Kong.

Reuters reported in February that Derrick was replaced as Asia ex-Japan fixed income investor sales head at JP Morgan as part of a reorganisation of its business in the region. The bank said in a memo at the time that he would pursue a new role inside the firm.

A spokesman for HSBC confirmed the hires.

(Reporting By Lawrence White; Editing by Muralikumar Anantharaman)

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