HSBC Global Asset Management (HSBC GAM) has hired Nicolas Moreau, the ex-chief of Deutsche Bank’s asset management unit DWS, to serve as its new CEO.

Moreau will join HSBC GAM next month and operate out of London.

He succeeds Sri Chandrasekharan, who was at the helm of HSBC GAM for seven years.

Chandrasekharan will now assume a senior role within the firm. Details regarding Chandrasekharan’s new role will be unveiled later.

Moreau headed DWS since 2016. Previously, he worked as the chairman and CEO of AXA France and group CEO of AXA UK and Ireland.

HSBC CEO of retail banking and wealth management Charlie Nunn said: “Asset management is a key area of focus for us and one we are committed to growing in line with increased client demand for products and solutions that help meet their long-term financial ambitions.

“HSBC Global Asset Management passed the $500 billion threshold for its assets under management this year, and Nicolas is the ideal candidate to lead the business going forward.”

The new appointment comes soon after the resignation of HSBC group CEO John Flint. The bank has already started a search for Flint’s replacement and is evaluating both internal and external candidates.

Meanwhile, HSBC global commercial banking CEO Noel Quinn will serve as the acting CEO.