HSBC’s private banking arm has reportedly seen departure of four senior employees amid revenue fall. The four are William Benjamin, Clark Cheng, David Ritterband, and Faraz Sultan.
Benjamin was designated as the firm’s global head of alternative investment research, and Cheng served as head of alternative investment research in the Americas, according a CNBC report.
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David Ritterband was the firm’s head of alternative advisory and discretionary mandates, and Faraz Sultan was served as global head of portfolio management.
Cheng, served at HSBC from 2005, and now has joined as chief investment officer at family office Merrimac, Benjamin worked at HSBC since 2001, while Ritterband worked at HSBC since 2008.
Reason for the departures is still unclear but the changes come following an overall fall in revenues.
After the third quarter, the company’s revenue was $300m less as against the same period last year.
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By GlobalDataKatie Amber-Mackin, the spokeswoman of the company, confirmed that the firm will hire Simon Garfield, Peter Rice, and Ilkka Anhava.
Garfield will succeed Sultan in the role of global head of portfolio management, Rice will be appointed as head of portfolio management in Switzerland, while Ilkka Anhava will be appointed as head of hedge fund research in the Americas.
Amber-Mackin added that HSBC is also hiring a global head of research.
