HSBC expands prime services unit

HSBC Holdings Plc has bolstered its equities and prime services units with the appointment of nine senior executives to its Asia Pacific operations.

The new team is led by Tim Franks, who is now head of hedge fund sales in Hong Kong. He was formerly head of hedge fund sales at Bank of China International in Hong Kong.

The other new top men in equities are Jeffrey Tan, director in Equity Sales; Eric Ang, director in equity sales trading; Russell Jacobsen, director in equity sales trading and Edward Yen, director in Taiwan equity sales;

In prime services, Jean-Paul Linschoten is director in prime services sales based in Hong Kong; David Streatfield, director in Equity Finance Delta One sales, is also based in Hong Kong and Adrian Harrison, director in prime services sales. Ted Langworthy is a director in Equity Finance Delta One sales, based in New York.

HSBC's prime services team in Asia-Pacific has grown to some 40 staff since 2010. The unit is led by Melvyn Ford, who was appointed head of prime services for the Asia Pacific region this May.

Prime services are a special group of services many brokerages give to special clients such as hegdge funds. Among the services provided under prime services are securities lending, leveraged trade executions and cash management.