HSBC Private Bank shuffles senior execs

HSBC Private Bank has promoted Christopher Marquis from Asia head to global head of private wealth solutions (PWS) as of January 1.

The role was previously part of the remit of Bernard Rennell, who remains Asia-Pacific head of global private banking and to whom Marquis still reports.

It was not clear why the role has been split out from Rennell's remit.

Rennell also chairs HSBC International Trustee, the holding company for the PWS business and heads the family governance and family enterprise succession group globally.

PWS is a private client trust and estate planning business with approximately 500 professional staff worldwide, including accountants, lawyers and qualified trust specialists.

HSBC Private Bank had promoted Rennell to chief executive for North Asia in November 2011, and in March last year he was promoted again to his current role, as reported.

As a former securities lawyer, he was head of Bank of Bermuda’s private wealth services based in Hong Kong before the bank was acquired by HSBC in 2003. Subsequently he became Asia head of HSBC Private Bank’s PWS, before being appointed global head of PWS in 2009.

Marquis has worked for HSBC since 2003 in the "chief operating office', and as managing director for HSBC Trustee (Hong Kong) since 2011, according to his LinkedIn profile.

Rennell's appointment as regional head had marked a return to a structure where it has one regional head, as used to be the case under Monica Wong, who retired from the firm in 2010.

“Strategically it makes sense; it is better to have one regional head,” said a senior industry source at the time. “It is a question of realignment. HSBC has been on a cost-cutting phase for the past three years.

HSBC was unable to grant AsianInvestor’s request for an interview with Marquis or Rennell by press time.