HSBC Private Bank has named a former BlackRock multi-asset hedge fund executive, Mark Fitzgerald, to the role of regional head of Investment Services & Product Solutions for the UK, Channel Islands, France and Germany.
Fitzgerald “will be responsible for delivering the wealth strategy” of the private banking arm of HSBC, as well as for managing the local HSBC teams “providing investment strategy, investment counselling, discretionary portfolio management, trading, and family governance services”, HSBC PB said in a statement today.
He will be based in London, the statement added. It didn’t say who, if anyone, he succeeds. However, JP Morgan today announced that it had hired Oliver Gregson for a role that involves its UK and Nordic private banking operations, who previously had looked after an area at HSBC Private Bank similar to that which Fitzgerald is taking on.
In his new role, Fitzgerald will report to Stuart Parkinson, HSBC Global Private Banking’s chief of staff, and locally to Chris Allen, regional head of Global Private Banking for the UK, Channel Islands, France and Germany, according to HSBC PB.
Allen noted that Fitzgerald’s appointment came at a time when HSBC PB had been “growing the business in the UK, by working closely with our colleagues across HSBC to support the personal financial needs of the Group’s corporate clients”.
Fitzgerald has had more than 20 years’ of experience in investment roles at BlackRock and Barclays, most recently, as managing director of a multi-asset hedge fund team at BlackRock. There, he oversaw both client-facing activities and product strategies.
HSBC Private Bank is based in Geneva, and says its goal is to be “the leading international private bank for business owners and their families”.
As reported, HSBC PB announced in October that it would be transferring most of its private banking business in Monaco to CFM Indosuez Wealth Management, as part of a global strategy aimed at focusing on those markets in which there was the greatest demand for its services.
In November, though, it announced plans to enter Australia’s private banking market, as part of a wider corporate strategy aimed at expanding its private banking presence in Asia-Pacific, which bucks a trend among Western banks to pull back from the Asian HNWI market.
The following month, In December, HSBC Singapore unveiled a new, members-only programme for its high-net-worth clients in that market.