HSBC has made two new hires for its financial institutions group (FIG) in the region, according to an announcement.
Olivier de Grivel has been brought on board as head of FIG for Asia-Pacific and will also have the title of vice-chairman for FIG globally. Simon Derrick has joined as head of asset managers, hedge funds and reserve managers within the Asia-Pacific FIG team.
Both bankers have a long background with J.P. Morgan, although they didn’t work in the same department. When he left the US firm early this year, de Grivel had been with J.P. Morgan for 30 years and had been head of FIG in Asia at for the past six years. Derrick ran the institutional sales business, most recently in Asia. He left J.P. Morgan a few months after de Grivel after 16 years with the firm.
Before the hiring of de Grivel, HSBC’s FIG team in Asia was run by Andrew Zeissink, who will now be focusing solely on M&A advisory involving financial institutions. A source at HSBC noted that the bank has had a lot of success in this area and said it has things in the pipeline that require a bit more focus. Zeissink has assumed the title of global head of FIG advisory.
Meanwhile, de Grivel is bringing a lot of experience as well significant relationships to the bank that will help strengthen its existing FIG franchise in the region. According to the announcement, he will be responsible for leading HSBC’s integrated FIG coverage activities across Asia.
He will be based in Hong Kong and will become a member of the Asia management committee for global banking and markets.
De Grivel initially worked with J.P. Morgan in Europe and the US before moving to Asia six years ago to head up the FIG business. Alongside that role, he also led the sovereign fund coverage in Asia and chaired the regional commitment committee.
Derrick will be responsible for leading HSBC’s coverage of financial institutions and will partner with the global sector heads to develop the quality and consistency of its coverage of asset side clients. He too will be based in Hong Kong.
During his 16 years at J.P. Morgan he held a series of senior roles running institutional sales businesses in both Asia and Europe. He also worked closely with de Grivel with regard to the sovereign fund coverage.
HSBC ranks third in Dealogic’s Asia ex-Japan league table for G3 bonds in the FIG sector so far this year, which is line with its leadership in DCM across sectors. It ranks ninth on FIG ECM and outside the top-10 on completed M&A.
Deals it has worked on so far this year include the $500 million convertible bond for Hong Kong Exchanges and Clearing and Haitong Securities $1.7 billion Hong Kong listing, for which it was a joint bookrunner.