New cash appointments at HSBC

HSBC's cash management head, Lawrence Webb, is shuffling his cash team and making new hires despite flat markets this year. The strategy, he says, is to be ready to gobble up market share when the climate improves. The latest announcement is the assignment of a new country head for China. Shannon Cheung has taken over the reins from Duncan Ashford who is still in China working on special projects but will return to Hong Kong in September to assume a new senior client role.