HSBC has announced three senior appointments to the investment unit within Wealth and Personal Banking.
Assuming the role of global chief investment officer is William Sels, whilst Jan-Marc Fergg will take on the role as global head of wealth products, ESG and mutual funds. Patrick Boumalham has been appointed global head of UHNW solutions.
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Lavanya Chari, global head of investments and products group for Private Banking and Wealth Management, believes the appointments reinforce HSBC’s “commitment to market analysis, UHNW and ESG”.
Sels will chair the global investment committee whilst overseeing all market strategists, content experts and asset allocation specialists globally within Private Banking and Wealth Management. The former global chief market strategist for Private Banking, Sels joined HSBC in 2009, working as a fixed income strategist.
Jan-Marc Fergg is responsible for products distributed in the jade, premier and personal banking segments, alongside overseeing the ETF and funds teams for Private Banking and Wealth Management. A strategic priority area for the business, Fergg will also develop the unit’s ESG offering.
Managing a regional team of UHNW specialists, Patrick Boumalham will enhance the products and solutions the bank offers to this particular client base whilst developing the Family Office proposition. Boumalham previously worked as the global head of markets products, having joined HSBC Global Markets in 2005.
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By GlobalDataChari continued: “HSBC takes its ESG commitments seriously, and alongside our climate ambition aims, we know that many of our clients are active in this space or require support to transition their business to a low carbon business model. In parallel, we are aligning our investment and product activities to further enhance the service we provide to all of our customer segments in Wealth and Personal Banking, from personal banking through to our growing UHNW business.”
The Wealth and Personal Banking unit was established in 2020, after HSBC combined retail banking and wealth management, asset management, insurance, and private banking.
The merging of the two units rendered HSBC one of the world’s largest global wealth managers whilst facilitating a 3% year-on-year increase in wealth balances during the second quarter of 2020, reaching a total of $1.418trn.
Global Private Banking will continue to operate as a distinct entity within Wealth and Personal Banking. During the first half of 2020, Global Private Banking increased its client assets to $353bn, contributing to $5.3bn of net new money.
All positions are effective immediately.
