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HSBC hires new head of hedge fund sales from Deutsche Bank

HSBC, which has tripled the amount of business it does with hedge funds since 2010, has hired a new head of FX hedge fund sales from Deutsche Bank, the number-one-ranked counterparty for that sector, an HSBC spokesperson has confirmed.

The bank has hired Chris Smith from Deutsche Bank in London, where he covered hedge fund accounts for the past four years. Before that Smith held positions with Citi, Credit Suisse and State Street from 2000. Deutsche Bank declined to comment on his departure. Smith will report to Claude Goulet and Robbert Sijbrandij, co-heads of EMEA institutional sales, and will start on November 1. Smith fills a role left vacant when Michael Spencer left HSBC for JPMorgan in May.

HSBC was ranked seventh in hedge fund business in the 2012 Euromoney FX survey, with a market share of 6.06%, up from 4.8% the previous year.