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Foreign Exchange

HSBC loses head of hedge fund FX sales

Michael Spencer, head of hedge fund FX sales at HSBC, has left the bank after seven years and is believed to be joining a rival firm, according to two sources familiar with the matter.

Spencer, who had been at HSBC since early 2005, is understood to be joining JPMorgan as head of hedge fund sales, based in London. Earlier this year, JPMorgan lost its head of hedge fund sales, Ben Homsy, who had been at the bank since 2009. Homsy reported to Andrew Simon, head of FX sales.

HSBC and JPMorgan declined to comment.

JPMorgan was ranked sixth for hedge funds in the Euromoney FX Survey 2011, with a market share of 6.7%.

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