HSBC Global Asset Management has announced the appointment of Nicolas Moreau as its new CEO.

Prior to being appointed by the bank’s affiliate, Moreau was the CEO of European asset management firm, DWS. He was also a member of the Deutsche Bank management board.

The newly appointed CEO will take on the role from September and will be based in London.

After seven years as CEO, Sri Chandrasekharan will be moving into another senior role within the HSBC Group, which will be announced in due course.

Commenting on the appointment, HSBC retail banking and wealth management CEO Charlie Nunn 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.”

Prior to DWS, Moreau was chairman and chief cxecutive of AXA France and a member of the AXA Group Management Committee since 2009. From 2006 to 2010, he was group chief executive of AXA UK and Ireland. During this time, he was also a member of the Board of the Association of British Insurers (ABI) and chairman of the ABI Health committee.

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