HSBC Prime Brokerage Adds Bear Stearns Veteren

Terry Minkey, a previous chief operating officer for Bear Stearns European prime services, has joined HSBC Prime Services as global head of client service and integration
By None

Terry Minkey, a previous chief operating officer for Bear Stearns European prime services, has joined HSBC Prime Services as global head of client service and integration.

Previously Minkey held the title of executive director in JPMorgan’s prime brokerage division.

According to a memo from Cian Burke, Global Head of Prime Services: “Terry will work closely with me to help define our Prime Services client proposition as well the internal infrastructure that we need to effectively support our business. He will help us bring together and leverage the existing ‘Custody Plus’ proposition and the Global Markets product and distribution platforms so that we deliver an integrated and seamless capability for custody, financing, execution, collateral management, clearing and reporting for our clients.”

HSBC launched its Prime Services arm in July 2009. According to a spokesperson at the time, leverage to clients will be modest, and clients will retain their rights over assets. Funds will also be segregated, avoiding the problems of rehypothecation that plagued the industry after the collapse of Lehman Brothers.

Prime Services, a mixture of custody and prime brokerage, has grown in popularity as an offering from custodians, many aiming to take market share in the prime brokerage industry since the collapse of Lehman and Bear Stearns

An in-depth look at the future of Prime Services can be found in the Winter Issue of Global Custodian.

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