The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Asset management: Moreau’s arrival underscores need for action at HSBC GAM

Former DWS head could shake up captive fund model after Flint’s exit.


Nicolas Moreau’s arrival as chief executive of HSBC Global Asset Management (GAM) comes just days after Europe’s biggest bank removed its group chief executive, John Flint.

DWS_Moreau, Nicolas-160x186

Nicolas Moreau,

It is further evidence that chairman Mark Tucker wants outsiders to bring more radical change to HSBC: in this case the former head of Deutsche Bank’s asset manager DWS.

Despite previously running HSBC’s asset management division, Flint failed to tackle its problems decisively, even as group CEO.

The division is an irritation for HSBC, as it is at many other banks. While, in theory, it offers relatively high returns due to its low consumption of capital, in practice regulation and technology are a big challenge.

Bank-owned asset managers with between €500 billion and €1 trillion under management are particularly problematic. They are a squeezed middle: above niche players and highly profitable pure captive managers, but below the much larger and mostly American diversified asset managers that have better economies of scale.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree