HSBC Global Asset Management has recruited Nicolas Moreau as CEO, taking over from Sri Chandrasekharan who is moving to another senior position within the wider group.
Moreau joins after most recently working as CEO of European asset management company DWS.
He has also been a member of the management board at Deutsche Bank, chairman and chief executive of AXA France and from 2006 to 2010, Moreau was group chief executive of AXA UK and Ireland.
He will join HSBC in September and be based in London.
Meanwhile, the firm said after seven years as CEO Chandrasekharan will be moving into another senior role within the HSBC Group, which will be announced in due course.
Charlie Nunn, CEO of retail banking and wealth management, HSBC, said: "We're delighted to welcome Nicolas to HSBC. 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 $500bn threshold for its assets under management this year, and Nicolas is the ideal candidate to lead the business going forward."
"I'd like to thank Sri for his dedication over the last seven years. He has built a strong foundation for the asset management business, which will allow us to focus on a new and ambitious phase of growth."
Earlier this week HSBC also announced its group chief executive John Flint is stepping down after less than a year-and-a-half on the job.
Noel Quinn, who has been head of the global commercial banking unit since 2015, has been appointed interim group chief executive and as a director of HSBC Holdings.
The board has begun the search for a new group chief executive and is considering both internal and external candidates.
This artricle was first published on InvestmentEurope's sister website Investment Week.