HSBC makes senior prime services hires
HSBC has appointed Paul Busby as head of prime services sales for the Americas.
He will report to Tom O Leary, head of equities for the Americas and Chris Barrow, global head of prime services client sales.
The bank has also hired Brian Hughes as client services manager to cover the US market. He will report to Busby and Terry Minkey, global head of prime services client services.
HSBC entered the prime services space in Europe in 2010 with its prime custody business. At the time, commentators questioned the decision arguing custodian banks did not have the internal infrastructure or technology to effectively deliver prime brokerage to hedge fund clients.
The bank has proved its detractors wrong and has successfully grown the business. It launched a prime custody unit in Asia in 2011 replicating its model in Europe.
Prime custody grew in popularity following the Lehman Brothers default and is a system employed by other well-capitalised investment banks. J.P. Morgan, for example, created a prime custody business following its acquisition of Bear Stearns.