The former co-chief executive of the world’s biggest hedge fund and newly elected chairwoman of Finra, the US securities industry’s self-regulatory arm, is joining HSBC’s board as an independent director effective Wednesday, the bank said. Eileen K Murray, 62, was one of the highest-ranking female executives in the hedge fund industry when she stepped down earlier this year from Bridgewater Associates, the investment firm started by Ray Dalio that manages about US$160 billion. She had been with the firm since 2009 and served as its co-chief executive since 2011. On Tuesday, Finra said its board of governors unanimously elected Murray to serve as its new chairwoman beginning in August. “I am absolutely delighted to welcome Eileen,” Mark Tucker, the HSBC chairman, said in a statement. “Her wealth of experience across banking and finance, together with her extensive knowledge of financial technologies and corporate strategy, will bring an invaluable perspective to the board.” Murray began her career at Morgan Stanley in 1984, serving as the bank’s controller, treasurer and head of global technology and operations, as well as chief operating officer for its institutional securities group. She also had stints at Credit Suisse and as president of Duff Capital Advisors. The Wall Street Journal last year reported Wells Fargo contacted Murray about its open CEO position and had been interviewed previously by Uber Technologies about a high-level role. In her newly created position on the board, Murray will serve as a member of HSBC’s group audit committee, group risk committee and its nomination and corporate governance committee. Murray will be paid total fees of £244,000 (US$302,295) a year in her board role. Her appointment is subject to election by shareholders at the 2021 annual general meeting for a three-year term. Her appointment comes at a challenging time for HSBC, which is based in London, but makes most of its profit in Asia. The economy in Hong Kong, its biggest market, has been hit hard by months of anti-government street protests and the coronavirus pandemic, which has disrupted economies across the globe. The city’s economy is expected to contract by as much as 7 per cent this year. The bank, which is in the middle of its third major restructuring in a decade under chief executive Noel Quinn, is navigating a difficult operating environment as central banks have pushed interest rates to historic lows to stimulate economies hurt by months of lockdowns and lower business activity. HSBC was forced in March to pause its plan to eliminate 35,000 jobs as the pandemic worsened this spring. The bank announced last month that it would resume those cuts as its plan to reduce annual costs by US$4.5 billion “are even more necessary today”. The cost cuts are expected to be fully implemented by 2022. The bank also found itself embroiled in rising tensions between Beijing and Washington over a controversial national security law tailored for Hong Kong by China’s top legislative body, the National People’s Congress (NPC). HSBC is among a group of businesses that rely heavily on Hong Kong that publicly supported the law, alongside its rival Standard Chartered; Jardine Matheson Group, the owner of the Mandarin Oriental hotel; and Swire Pacific, the parent of air carrier Cathay Pacific. Politicians in the United States and the United Kingdom have condemned China over the adoption of the law, with US Secretary of State Mike Pompeo saying it destroyed the city’s autonomy . The law was approved by the NPC’s standing committee on Tuesday on the eve of the 23rd anniversary of Hong Kong’s return from British to Chinese rule. It criminalises acts of secession, subversion, terrorism and collusion with foreign and external forces that jeopardise national security.