HSBC Investment Bank yesterday announced a restructuring of the bank's equity business and the resignation of HSBC James Capel Asia head Philip Gray.
According to an internal memorandum, HSBC James Capel's equity distribution activities, formerly under Mr Gray, will be brought together with the equity origination activities of HSBC Investment.
Mr Gray will not be replaced. Instead, Kevin Westley, the chairman and chief executive of HSBC Investment Bank Asia, will be in charge of the integrated equities business, retaining his responsibilities over the rest of the investment bank.
Equity distribution will continue to fall under the HSBC James Capel banner, even though traders and analysts will now report more directly to the investment bank.
The London-based chairman of HSBC Investment Bank, Paul Selway-Swift, who is in Hong Kong this week, characterised the restructuring as a ratification of the way the bank had been doing business.
He denied Mr Gray left because of personal differences and fallout from the chaos in Asian markets, as recent rumours had suggested.
'Mr Gray is going back to asset management,' he said.
