Oliver Duff, the head of European capital financing for HSBC Holdings Plc, left the bank and was said to be launching a new senior loan fund, according to Reuters, citing senior banking sources.
Duff, who was with HSBC since 2006, helped the bank establish its leveraged financing platform and boost its profile in the sub-investment-grade leveraged loans. The bank has since then created a solid foundation for the global leveraged finance market in Asia and created a high yield loan team in Europe about 5 years ago.
Duff was first the global head of loan syndication and has been promoted to global head of leveraged finance in 2009. He then became the head of capital financing for Europe last year, where he reported to Spencer Lake, the global head of capital financing in HSBC’s global banking and markets division.
He was previously the loan syndicate team for Morgan Stanley in 2006. Before that, he was employed at Goldman Sachs for 6 years and started his career in the industry in 1994 with Bankers Trust.
What Happens after Duff’s Departure
Duff’s departure will lead to management changes in the division. Russell Schofield-Bezer, the current head of European debt capital markets for HSBC, is expected to assume Duff’s position being the capital financing chief of Europe. Furthermore, Richard Jackson, a New York-based global head of leveraged and acquisition finance for HSBC, will take charge for the loan team of the bank.
Graham Tufts, on the other hand, will be the one running the leverage and acquisition finance for the EMEA region. Meanwhile, Tim Spray will be running the lender’s European loan syndicate. The head of corporate loan origination for the EMEA will be Romeet Shankardass and James Horsburgh.
As of 10:17 GMT December 4th, the shares of HSBC were currently down by 0.7 percent at 523.44p. As you may remember, HSBC stocks have fallen by more than 14 percent since the beginning of the year and the market capitalization of the company is currently at £101.5 billion.
On the 28th of November 2015, the prediction reached a consensus amongst the 28 polled investment analysts that covered HSBC that the company will outperform the industry. The same consensus was reached and maintained since the 9th of September 2015 when the investment analysts improved from being “on hold”.
As of 11:17 GMT December 4, the share price of HSBC Holdings plc was at 524.00p.