HSBC has appointed Swami Nagarajan as head of securities services for Australia and New Zealand.
Bringing over two decades of experience across securities services, data and business transformation, Nagarajan joins from global investment manager New Forests. He has previously held a range of senior roles at Citi, BNY Mellon and JPMorgan.
Joining the team from 17 August, Nagarajan’s new role will see him lead HSBC’s securities services business for the Australian market, which offers post-trade and asset-serving solutions to institutional clients such as super funds.
HSBC said his focus will be on strengthening client relationships and delivering the bank’s growth agenda. Nagarajan replaces Harpreet Ahuja, who left HSBC in June for a position at IFM Investors.
As institutional clients’ requirements become increasingly complex, HSBC said it is “well positioned” to support them through its international network and capabilities.
Given Australia’s superannuation sector now has some $4.5 trillion in assets and is continuing to grow, HSBC said the need to deploy this capital at scale into global markets reinforces the long-term opportunity of the space for its franchise.
The appointment comes after news broke last month that HSBC had agreed to sell its $36 billion Australian home and personal loan portfolio to Blackstone, marking a significant step in the bank’s exit from Australia’s retail banking market.
The sale represents one of the largest credit investments ever completed in Australia.