HSBC Recruits Six Credit Suisse Bankers in Global Wealth Push

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(Bloomberg) — HSBC Holdings Plc hired half-a-dozen private bankers from Credit Suisse to build out its services targeting wealthy families across oil-rich Middle East as well as Europe.

The British lender named Aladdin Hangari, previously one of Credit Suisse’s top wealth-management executives for Qatar, as head of global private banking for the Middle East and North Africa, according to a statement Monday, confirming an earlier Bloomberg News report. Hangari is replacing Sobhi Tabbara, who is stepping back from January 2024 to pursue other opportunities.

HSBC also named former Credit Suisse executive Patrick D’Amico as global market head for Qatar, and hired Christian Hiller, Thomas Schaad and Simon Aeschlimann as relationship managers on the team. Kouroche Achtari is coming from Credit Suisse to help lead coverage of wealthy Swiss individuals and family offices with global activities. Separately, Roy Mironi is joining from Deutsche Bank AG for the London-based firm’s wealth coverage in Israel.

“We are extremely pleased to welcome Aladdin and our new colleagues to our ranks,” said Gabriel Castello, HSBC’s regional head of global private banking for Europe, the Middle East and Africa. “I would also like to pay tribute to Sobhi’s remarkable achievements and thank him for his valuable contribution to HSBC during his 36 years with the bank.”

HSBC is among a number of global banks building out their wealth-management operations as way to compensate for the more volatile earnings derived from dealmaking and trading. The lender returned to India this year and last year expanded its presence in other parts of Asia as well as the Middle East, which has emerged as a key battle ground for global wealth managers.

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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