HSBC Global Asset Management has appointed Nicolas Moreau as its new chief executive, the firm said in a statement, adding that he will join the $500bn business in September.
The recruitment of Moreau represents a bet by the bank's board that he can turn HSBC's underperforming $500bn asset management business into an industry powerhouse.
HSBC publishes only limited details about the performance of its asset management business, at which operating profits declined to $344m last year from $365m in 2017, a 5.7% drop.
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"
Moreau left DWS — formerly Deutsche Asset Management — in October, after failing to stem heavy outflows from the business that he helped steer through a public listing in March 2018. He helped complete the stock market listing of Deutsche Asset Management in 2018 as well as the rebranding of the business to DWS.
In January, Moreau set up Ladbroke Advisory to work with asset managers and fintech firms on strategy, products, distribution and takeovers.
Charlie Nunn, chief executive of retail banking and wealth management at HSBC, 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 $500bn threshold for its assets under management this year, and Nicolas is the ideal candidate to lead the business going forward."
At HSBC, Moreau will be based in London. He will succeed Sridhar Chandrasekharan, who has led HSBC's asset management business since 2012. Chandrasekharan, who has spent his entire career at HSBC, will move to another senior role at the bank, which will be announced at a later date. Moreau's appointment was first reported by Sky News.
Earlier in the week, HSBC's John Flint was ousted as CEO after just 18 months in the role, in a move the bank said was needed to speed up progress on priority areas.