HSBC Securities Services appoints new sales expert for Luxembourg business

HSBC has targeted Luxembourg as a key growth market for its securities services business.

By Joe Parsons

HSBC Securities Services has hired a new head of business development and client management within its asset manager and owner business in Luxembourg.

Frederic Van Ingelgom will join HSBC in mid-February and will be responsible for the strategic development of the bank’s existing securities services client base in Luxembourg, as well as leading new business activities.

Van Ingelgom previously served in a range of senior relationship management and business development roles at Brown Brothers Harriman in Luxembourg over a period of 12 years.

HSBC has targeted Luxembourg as a key growth market for its securities services business, and has recruited several industry experts across custody, fund services and transfer agency.

Last year, the bank hired Steven Caluwaerts, a 20-year fund administration veteran and formerly European head of transfer agency product at Citi, as a director within its global distribution support and transfer agency business in Luxembourg.

Luxembourg has also become a gateway for European investors to access markets in Asia, following the signing of a memorandum of understanding between the regulators of Luxembourg and Hong Kong on the mutual recognition of funds.

“As the world’s second largest investment fund market, we have a significant opportunity to further grow our market share locally. Frederic will lead our growth ambition with the support of local colleagues and across the group,” said Niccolo Polloi, CEO, HSBC Luxembourg.