HSBC reshuffles securities lending division after high profile departure

Longstanding global head of securities lending trading, Grant Mackenzie, departed in May.
By Paul Walsh

HSBC has revealed personnel and structural changes to its securities lending business following the departure of global head of securities lending trading Grant Mackenzie. 

An internal memo, seen by Global Custodian, revealed Reshad Mullboccus and Brian Marimba have been appointed as acting global head of trading and acting London senior trader respectively within the securities lending division.

Wayne Burlingham, currently global head of securities lending, will also temporarily oversee the London trading desk.

Currently a securities lending trading manager, Mullboccus previously had spells with MUFG and Merrill Lynch.

Marimba moves up to his new role after initially joining HSBC as a securities lending trader in 2008 following a spell at Equity Finance Trader.

In addition to these personnel changes, HSBC has also revealed the creation of a head of global trading strategy/head of trading Asia role.

According to the memo, the role will be based in Hong Kong in a bid to ensure “consistent strategy for pricing, execution and counterparty relationship management.”

The bank has also created a head of global sales and client management and trading Europe role. This role will focus on adding clients to the lending programme, bringing increased focus to a growing client base and “ensure trading strategies are applied for lending activity out of Europe.”

Global Custodian reported last week the departure of Mackenzie, who was one of HSBC’s longest serving securities lending traders having initially joined in 1996.

The changes are the latest reshuffle for HSBC’s securities lending division following the relocation of its global head of securities lending Roy Zimmerhansl from London to Hong Kong in 2015.